Enbloc News: Kimis Lodge - take two!

Kismis Lodge, a freehold site located off Toh Tuck Road, is up for collective sale.

 

This is the second time the site is being put up for sale.

According to its marketing agent Jones Lang LaSalle, the 70,283sqft site is zoned for a "3-storey mixed landed" development.

The site can be redeveloped to yield up to 43 strata terraces or a combination of conventional and strata landed homes, subject to design and planning approval.

"Given its location, we believe that the new development at Kismis Lodge could easily achieve between $3.5 million to $4.0 million for its strata terraces." said Ms Yong Choon Fah, National Director, Jones Lang LaSalle.

Ms Yong added that keen interest from developers is expected.

The owners of Kismis Lodge are expecting offers in the region of $90 million from the collective sale, or approximately $1,281psf. 

That is at the lower end of its asking price of $1,281 to $1,352psf when it was first put up for sale by Credo Real Estate last July.

There is no development charge payable for the site.

If successful, each owner of the 64-unit apartment will fetch approximately $1.4 million.

More than 80% of the owners by floor area and share value have consented to the collective sale.

The tender for Kismis Lodge closes at 2.30pm on January 24.

Source: Channel News Asia

So the first en bloc attempt has kicked off for 2013. Given the substantial number of land parcels that the Government will release under the Government Land Sales (GLS) scheme this year, it will be interesting to see if second time's really a charm for Krimis Lodge. And with $1.4 million these days, we reckon there aren't that many options when comes to replacement apartment for the owners, unless they are prepared to downgrade.