CBRE launches tender for collective sale of Newton Lodge

Newton Lodge is a 16-unit apartment development which is located less than 300 metres away from Novena MRT Station.

According to CBRE, the regularly shaped site located at 41 Newton Road is Freehold and has an area of approximately 21,409 sq ft and is zoned "Residential" with a plot ratio of 1.4 on the Masterplan 2008.

The reserve price is $40 million. A development charge of approximately $2.18 million is estimated based on March 2011 rates. This works out to $1,407 psf ppr. If a developer maximises the bonus 10 per cent balcony space, the price works out to $1,340 psf ppr with a breakeven of approximately $1,860 psf.

In comparison, Robin Court and Robin Star, both development sites with plot ratio 1.4, were recently acquired by Sing Holdings for $1,363 and $1,393 psf ppr respectively.

Several developments in the immediate vicinity like L’viv and Lincoln Suites transacted between $1,976 – $2,168 psf in the last three months.

The area is extremely well served by a cluster of shopping malls filled with lifestyle amenities and private medical centers, including Novena Square Shopping Mall and office tower, Square 2, United Square, Novena Medical Center and Parkway Health Hospital which is under construction. Other amenities include established F&B outlets along Thomson Road.

The site enjoys superb connectivity to various parts of the island via the Central Expressway and Pan Island Expressway. Both Orchard Road and the Central Business District are a short drive away.

The key attractions of the site are:

1.Located less than 300m away from Novena MRT Station.

2.Proximity to a wide host of lifestyle am enities and upcoming private medical hub.

3.Regular site for excellent design flexibility.

Jeremy Lake, Executive Director, Investment Properties said “This is an excellent opportunity for a developer to design a boutique development with small units catering to the needs of the young working population wanting to live close to town. Given the excellent location and proximity to the MRT Station and upcoming medical hub, coupled with the affordable ‘bite size’ quantum, the new development is expected to draw keen interest from both local and regional investors and owner occupiers working in the area.

The site is also suitable for individual families looking to build a multi-generation family home.

“Given its excellent attributes, several boutique developers and high net worth individuals have already expressed their keen interest to acquire the site” Mr Lake added.