Kovan Lodge, Ampas Apartments up for collective sale

Two more collective sale sites have hit the market – the freehold development of Kovan Lodge and Ampas Apartments.

The owners of Kovan Lodge, which sits on 27,091 square feet of land, are asking for $43 million. Under the Urban Redevelopment Authority’s Master Plan 2014, the site is zoned for residential use with a 1.4 plot ratio. It currently houses 16 apartments in a four-storey development with a total strata area of 30,440 sq ft. It is near Kovan MRT station and Heartland Mall-Kovan.

Marketing agent Huttons Asia said no development charge is payable.

The asking price of $43 million works out to $1,134 per square foot per plot ratio (psf ppr). The tender closes on Jan 18.

Over in Balestier, the owners are asking for $105 million to sell their units at Ampas Apartments en bloc.

The asking price for the apartments, which are near Shaw Plaza and Balestier Plaza, works out to about $1,246 psf ppr, inclusive of an estimated $523,092 development charge payable to the state to intensify the use of the land.

Ampas Apartments is a 16-storey property comprising 43 units with a total strata area of about 60,612 sq ft. The site is zoned for residential use with a 2.8 plot ratio.

The tender closes on Jan 25.

Huttons’ head of collective sales, Mr Stephen Tan, said he was not authorised by the sales committees of Kovan Lodge and Ampas Apartments to reveal the reserve prices of the respective developments.

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