THE improving property market has prompted owners at Green Lodge Condominium in Toh Tuck Road to put their estate up for collective sale.
They want $135 million for the freehold estate in Toh Tuck Road, an asking price of $683 per sq ft per plot ratio, including development charge.
That will give owners about $1.55 million to $1.58 million per unit - about 40 per cent more than the open market price, said Mr Jeffrey Goh, head of investment sales at the estate's marketing agent, Newman & Goh.
Like other sales launched in the latter half of this year, the Green Lodge owners voted for the en bloc sale many months ago but have held off until the market looked more promising.
The majority agreed to sell their property as early as April but the market was very weak then, said Mr Goh.
Green Lodge condo sits on a site of 151,075 sq ft near the Toh Tuck campus of the Canadian International School.
With a plot ratio of 1.4, it can be redeveloped to about 211 units of boutique apartments of about 1,000 sq ft, said Mr Goh. The new development could sell for at least $1,250 per sq ft (psf) on average, he added.
Other residential developments in the vicinity include The Beverly - which was launched earlier this year at an average price of $750 psf - Signature Park and Goodluck Garden.
More owners are now working towards launching their properties for collective sale in the wake of the improving market.
There will be more collective sale launches in the first and second quarters of next year, Mr Goh said.
But the success rate is still up in the air as there remains a mismatch of price expectations between sellers and buyers, he said.
There have been several collective sale launches this year but only one of them - Dragon Mansion - was sold.
The tender for Green Lodge closes on Jan 13, a day before the close of another collective sale tender - Mayfair Gardens in Rifle Range Road.
Source, Straits Times 31 December 2009