http://www.businesstimes.com.sg/arch...again-20130103

Published January 03, 2013

Kismis Lodge up for en bloc sale again

Owners expecting to reap $90m, or about $1.4m per owner

By teo hoong chen


[SINGAPORE] Kismis Lodge is being put up for collective sale for the second time, real estate consultancy Jones Lang LaSalle said yesterday.

Located off Toh Tuck Road, Kismis Lodge occupies a land area of 70,283 square feet (sq ft). The plot, comprising 64 walk-up apartments, was first put up for tender on July 16 last year.

In the July 2012 tender, the owners asked for between $90 million and $95 million, which translates to about $1,281 to $1,352 per square foot (psf).

While there was interest from buyers, their offers did not meet the owners' expectations, said Jones Lang LaSalle Singapore national director Yong Choon Fah.

This time, the owners are expecting at least $90 million, which translates to some $1.4 million per owner.

"Looking at the market, we are hopeful of a successful sale this time," said Ms Yong. "Prices have improved for landed housing since July."

"With landed housing becoming more sought after and with a limited supply of landed housing stock released through the Government Land Sales (GLS) programme, we expect keen interest in the site," she added.

Out of 12 private residential GLS sites on the confirmed list in the first half of 2013, only one is slated for landed housing.

The Kismis Lodge site is zoned for "three-storey mixed landed housing" and can be redeveloped to yield around 43 strata terraces, or other combinations of landed housing subject to approval, said Jones Lang LaSalle.

Each strata terrace at the newly developed site could fetch as much as $3.5 million to $4.0 million, said Ms Yong.

Because there is a high development baseline for the site, developers do need not pay a development charge.

The tender for Kismis Lodge closes on Jan 24 at 2.30pm.