Green Lodge, a freehold development located on Toh Tuck Road, has been put up for collective sale.
The freehold property sits on a land area of about 151,075sqft. According to the 2008 Master Plan, the site can be redeveloped into a five-storey condominium project at a gross plot ratio of 1.4. Green Lodge currently has an approved density of equivalent plot ratio 1.4896, which means no development charge is payable.
DTZ said in its press statement yesterday that, assuming an average apartment size of 1,000sqft and a building efficiency of 90%, the site can accommodate about 210 residential units.
Green Lodge is located in a predominantly low-rise residential area surrounded by established landed housing estates including Toh Tuck Garden and Eng Kong Park. Pei Hua Presbyterian Primary School is within 1-km of the site.
The wife and I did a quick check on our previous postings and found that Green Lodge was last put up for collective sale in December 2009. Several bids were received during the tender but they failed to meet the reserve price. The owners were looking for $135 million and adding a state charge of about $9.5 million, the price would come up to be $683psf ppr.
Click below to read our previous post on the Green Lodge en bloc: