After a failed attempt in January, the owners of Newton Lodge are once again trying their luck at a collective sale, with the asking price unchanged. Marketing agent JLL revealed that the vendors are expecting a minimum of $44 million for the 16-unit residential development.
This works out to a land rate of $1,468 per sq ft per plot ratio (psf ppr) or $1,359 psf ppr after taking into account the additional eight percent bonus gross floor area for balconies and communal areas. JLL noted that no development charge is payable for the property.
Located near Novena MRT station and the Novena commercial cluster, Newton Lodge sits on a 21,409 sq ft site zoned ‘residential’ under the 2014 Master Plan with a gross plot ratio of 1.4.
The freehold property may be redeveloped into a low-rise apartment project with up to 27 units averaging 100 sq m each. The site is also suitable as a custom-built co-living development or serviced residences, subject to the relevant authorities’ approval.
Should it be approved for serviced residences, the property could house about 50 to 60 rooms that could be rented for a minimum of seven-day stay.
“Professionally-run and organized co-living concepts to the levels of the co-working phenomenon are still in their infancy in Singapore, and are expected to grow, especially with high stamp duties payable for home purchases by foreigners in Singapore. We are beginning to receive a lot more enquiries from new co-living operators and investors looking to venture into Singapore,” said JLL senior consultant Karamjit Singh.
“Purchasers who wish to develop an entire building for co-living spaces or short-term accommodation should find Newton Lodge’s central location, project size and price quantum attractive. Not only would a boutique-sized project be more manageable, but a smaller community of like-minded residents may also result in more meaningful social engagements,” he added.
The tender for Newton Lodge will close on 11 July.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com