Green Lodge put up for collective sale

Indicative asking price for the freehold development is $195m, or about $846 psf ppr 

By jasmine ng | Published 19April2012 | The Business Times


Green Lodge, a freehold development located at Toh Tuck Road, has been put up for collective sale. Based on past media reports, this is the third time that the condominium has been offered for a tender sale.

The previous two occasions were in 2009-2010 and 2011 but both times, its tender closed without attracting any firm bids.

The Green Lodge site is being marketed by DTZ. The property firm said in a press statement yesterday that the indicative asking price is $195 million, or about $846 per square foot per plot ratio (psf ppr), inclusive of a bonus 8.9 per cent balcony space for which no development charge is payable.

The sale is being conducted through a tender exercise that will close on May 15 at 3pm.

The freehold property sits on a land area of about 14,035.3 square metres (151,075 sq ft). 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.

Previous media reports said that owners of Green Lodge had initially wanted $135 million for the estate in its first 2009-2010 en bloc deal – an asking price of $683 psf ppr, including development charge.

That would give owners about $1.55 million to $1.58 million per unit, the estate’s previous marketing agent Newman & Goh had said.

A consultant then had estimated that the units could be sold at $1,000-$1,100 psf, while Newman & Goh projected an average selling price of at least $1,250 psf.

In the second tender exercise conducted by DTZ in 2011, the asking price was raised to above $195 million, or about $866 psf ppr.

Assuming an average apartment size of 1,000 sq ft and a building efficiency of 90 per cent, the site can accommodate about 210 residential units, DTZ had said.

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 Hwa Presbyterian Primary School is within one kilometre of the site.

The Beauty World MRT Station on the Downtown Line, expected to be operational in 2015, is located about 800 metres from the subject site.