March 16, 2022
SINGAPORE, 16 March 2022 – PropNex Realty, Singapore’s largest real estate agency is pleased to announce that freehold development Vicenta Lodge at 16,18, 20, 22 Lorong Marzuki in Kembangan has been sold for $27.2 million in a collective sale via private treaty on 15 March 2022. The sale price translates to a land rate of $968 per square foot per plot ratio (psf ppr) after factoring the bonus balcony space and development charge.
The 16-unit development was relaunched for collective sale on 10 February 2022 with a lower reserve price of $27.2 million - down from $29 million, when it was offered for sale in the previous tender that was launched on 22 April 2021. The latest tender had closed on 10 March 2022.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “The tender relaunch saw renewed interest from developers and new entrants who are keen to redevelop small boutique residential development. Vicenta Lodge’s freehold tenure, a lower reserve price of $27.2 million at $968 psf ppr, and its close proximity to the Kembangan MRT station – just two train stops to the bustling Paya Lebar commercial hub – have attracted developers to the site.”
Vicenta Lodge sits on a site spanning 1,977.1 sq m (approximately 21,281 sq ft) and has a gross floor area (GFA) of 2,767.94 sq m (approximately 29,794 sq ft). Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned Residential with a plot ratio of 1.4.
Ms Goh added, “Despite the cooling measures announced in December 2021, the real estate market continues to see robust demand from home owners. Recent bidding at various Government Land Sales (GLS) tenders also saw firm bids from many developers who are keen to replenish their land inventory, as healthy sales have depleted their stock of unsold units in new projects. Against this back drop of diminishing supply and resilient home demand, we expect developers’ appetite for residential sites – in both GLS and the collective sale market – to remain healthy for the rest of the year.”
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