KISMIS Lodge, a freehold residential development set among the landed housing estates of Upper Bukit Timah, has been sold en bloc for $84.18 million.
The owners of Kismis Lodge will get about $1.315 million each in the collective sale to Newfort Alliance (Cairnhill). Newfort is made up of a group of local investors interested in real estate development.
This is their second purchase after buying residential estate Chateau Eliza, at Mount Elizabeth, for $92.2 million last September.
The Kismis Lodge development comprises 64 units of walk-up apartments housed in two four-storey blocks, built in the 1970s.
The collective sale of Kismis Lodge was brokered by property consultants Jones Lang LaSalle (JLL).
In a statement, Ms Yong Choon Fah, national director of investments at JLL, said: “More than 80 per cent of the Kismis Lodge owners have consented in writing to Newfort’s offer of $84.18 million, which translates to $1,198 psf…
“Kismis Lodge is zoned for three-storey mixed landed development under the 2008 Master Plan. No development charge is payable.”
She added that the sale is subject to Strata Titles Board approval, and could be the largest mixed landed site sold collectively this year.
Based on the current guidelines by the Urban Redevelopment Authority, Newfort could build as many as 43 terraced houses or 32 semi-detached houses, subject to approval.
Kismis Lodge off Toh Tuck Road sits on 70,283 sq ft of land.
JLL also said: “Despite the few rounds of property cooling measures, the demand for landed developments is expected to be fairly strong because the target market is mainly Singaporean families.
“The ample living space within a landed property also appeals to multi-generation families.”
It was reported in January that the Kismis Lodge owners were expecting a $90 million sale, which translates to $1.4 million per household.
Ms Yong said that each strata terrace at the newly developed site could fetch as much as $3.5 million to $4 million.
This Kismis Lodge sale marks the third successful collective sale deal done this year.
(Source: The Straits Times)
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