By Sim Ping Khuan | Posted: 25 March 2013 2146 hrs

SINGAPORE

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

The sale price translates to S$1,198 per square foot, or a gross sale price of about S$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.

– CNA/ch

 

26 Mar 2013 08:51 by BY FELDA CHAY | BTINVEST

KISMIS Lodge, a development comprising a pair of freehold, walk-up apartments near Toh Tuck Road, has been sold through a collective sale to a consortium of private investors.

Newfort Alliance (Cairnhill) paid $84.18 million, slightly under the $90 million the mixed landed site was expected to fetch when it was put up for sale earlier this year.

The sale price works out to $1,198 per square foot (psf) over land area. Kismis Lodge, built in the ’70s, has a land area of 70,283 sq ft, and is zoned for a three-storey mixed landed development under the 2008 Master Plan. No development charge is payable.

The deal is the third collective sale this year.

The buyer, Newfort Alliance (Cairnhill), is linked to Newfort Realty, which late last year purchased the freehold Chateau Eliza on Mount Elizabeth through a collective sale for $92.2 million. Talk in the market is that Newfort Realty’s owners include the Tan family, who control the Fortune Group.

For Kismis Lodge’s owners, the deal is a success, given that the development failed to find buyers when it was first put up for sale last year; back then, the owners asked for between $90 million and $95 million, or $1,281 to $1,352 psf.

Newfort’s purchase nets the owners a gross sale price of approximately $1.32 million each, said Jones Lang LaSalle, which brokered the deal.

There are 64 units in the two blocks, each four storeys high.

Based on the prevailing guidelines for strata landed developments drawn up by the Urban Redevelopment Authority (URA), Newfort could possibly build up to 43 terrace houses or 32 semi-detached houses, subject to approval, said Yong Choon Fah, the national director of investments at Jones Lang LaSalle.

She said: “In recent years, there have been few landed housing projects launched in Upper Bukit Timah. 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.

“The ample living space within a landed property also appeals to multi-generational families.”