Tuesday, March 26, 2013

Enbloc news: Kismis Lodge sold for $84.8 million

Kismis Lodge, a freehold residential development located at Lorong Kismis in Upper Bukit Timah, was successfully sold to Newfort Alliance (Cairnhill) Pte Ltd for $84.8 million.

The sale price translates to $1,198psf, or a gross sale price of about $1.3 million each unit.

Brokered by property consultants Jones Lang LaSalle, this is the third en bloc sale deal completed this year.

"The ample living space within a landed property appeals to multi-generational families," said Yong Choon Fah, National Director of Investments at Jones Lang LaSalle.

"Despite the few rounds of property cooling measures, the demand for landed developments are expected to be fairly strong because the target market for landed developments are mainly Singaporean families," Ms. Yong added.

Built in the 1970s, Kismis Lodge comprises 64 units of walk-up apartments housed in two 4-storey blocks.
Source: Channel News Asia
Well, owners of Kismis Lodge did not get the $90 million that they expected but given the recent developments, the wife and I reckoned that they have not done too badly.

Click on link below to read our previous post on the Kismis Lodge collective sale:


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