Kellock Lodge on River Valley Road is up for a collective sale, with an asking price of more than $84 million or $1,383psf ppr, said its sole marketing agent CKS Property Consultants.
The redevelopment site has a land area of 21,784sqft and it will yield a maximum gross floor area of 60,995sqft.
This is based on a plot ratio of 2.8 for the redevelopment of the site, with a development charge of $380,000.
Residents of the 48 units at Kellock Lodge will receive about $1.5 million to $2.76 million each.
This is the first time Kellock Lodge is going up for collective sale.
The 48 units have sizes ranging from 882sqft to 1,786sqft.
Based on the plot ratio of 2.8, the site can yield about 100 apartments at about 600sqft each or 60 apartments at 1,000sqft each.
It is within walking distance from Great World City, Zion Riverside Food Centre and other eateries and amenities, said CKS Property Consultants.
It is located in District 10, within minutes' drive from the Orchard Road shopping belt and the Central Business District.
Derrick Tan, head of investment sales at CKS Property Consultants, said Kellock Lodge's medium-sized freehold land plot is in demand, particularly since it's in a city fringe area like River Valley.
The tender will close on July 8 at 3pm.
Source: Channel News Asia
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