Another one on the En Bloc wagon: Green Lodge Condominium

The Straits Times today has reported that Green Lodge Condominium in Toh Tuck Road is being put up for collective sale.

The asking price is $135 million inclusive of development charge, which translates to $683psf per plot ratio  for the freehold estate. Each of the 80 owners will get between $1.55 to 1.58 million for their units, which is supposedly about 40% more than the current open market price.

Green Lodge Condo sits on a site of 151,075sq ft near the Toh Tuck campus of the Canadian International School. With a plot ratio of 1.4, the site can be redeveloped to about 211 units of boutique apartments of about 1,000sg ft.

Although it was mentioned in the report that the new development could sell for at least $1,250psf on average, the wife and I are pretty skeptical. This is especially when other developments nearby, including "The Beverly" that was launched earlier this year, was sold/selling at an average of $750psf. It will certainly be scary times for home buyers if condo projects in Toh Tuck area start selling above $1,200psf (no offence to current residents there). Having said that, we have learned to "never say never", given what we have experienced with the Singapore property market this year.

The tender for Green Lodge Condo will close on January 13, i.e. one day before the close of another collective sale tender - Mayfair Gardens - which we have written about earlier. So let's see how this one pans out...

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