Lodge 77, a three-storey residential development comprising a clinic and two F&B establishments on the first storey, has been put up for sale, reported The Business Times.
Located at the junction of Upper East Coast Road and Hacienda Grove, the freehold property has a land area of 1,219.2 sqm and gross plot ratio of 3.0.
The seller expects offers of more than $34.2 million, which translates to a land rate of around $1,100 psf per plot ratio, inclusive of a development charge of about $9 million.
The regular-shaped site enjoys a frontage of approximately 30 metres onto Upper East Coast Road, and is zoned for use as residential with commercial on the first storey under the 2014 Master Plan. It could be redeveloped into a four-storey mixed-use development.
Situated within District 15, the site is 500 metres away from the future Siglap (Thomson-East Coast Line) MRT station. Nearby schools include CHIJ Katong Convent, Ngee Ann Primary School, Victoria School, St. Patrick’s School, Temasek Junior College and Victoria Junior College.
Notably, approval from the Strata Titles Board (STB) is not required for this acquisition.
“We continue to see strong interest for redevelopment opportunities in the eastern part of Singapore. In the past two months, two redevelopment sites at Sea Avenue and East Coast Avenue were transacted,” said Ian Loh, Executive Director & Head, Investment and Capital Markets at Knight Frank, the marketing agent.
“We expect this property to also attract strong interest in view of its location and relatively affordable investment size. It also offers quick turnaround time for prospective purchasers as no STB approval is required.”
The tender for the site will close on 16 December 2015.