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Published November 3, 2011

Green Lodge put up for collective sale, EOI at Oxley


(SINGAPORE) Green Lodge, a freehold development located on Toh Tuck Road, has been put up for collective sale. Separately, an Expression of Interest (EOI) exercise was launched yesterday for 71 and 73 Oxley Rise, a freehold site zoned for 'commercial and residential' use.

The Green Lodge site is being marketed by DTZ. The property firm said in a press statement yesterday that the asking price is above $195 million, or about $866 per square foot per plot ratio (psf ppr). The sale is being conducted through a tender exercise which will close on Dec 8 at 3pm.

The freehold property sits on a land area of about 14,035 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. Green Lodge currently has an approved density of equivalent plot ratio 1.4896, which means no development charge is payable.

DTZ said in its press statement yesterday that, 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.

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 1km of the site.

The EOI for the Oxley Rise site is being handled by Knight Frank. The property firm said yesterday that the 25,630 sq ft site has a gross plot ratio of 4.2 in the 2008 Master Plan.

This means it has the potential to be redeveloped into a new project with a gross floor area of 107,646 sq ft with 20 per cent commercial use and 80 per cent residential use, subject to approval from the relevant authorities.

The site, which is in prime District 9, is currently being used as the Manasseh Meyer International School.

Ian Loh, Knight Frank's director and head of investment, said that for transparency and good governance, the trustees will appoint an independent valuer to value the site as at the closing date of the EOI exercise. This will serve as a guide for the trustees in their decision-making process. The EOI for 71 & 73 Oxley Rise closes on Dec 1 at 3pm.