SINGAPORE (EDGEPROP) - Vicenta Lodge will be relaunched for collective sale tender on Feb 10 at a reserve price of $27.2 million, says PropNex Realty in a Feb 9 statement.

This will be the third time the property is up for sale. In 2018, the property was put up for collective sale for $33.6 million, and again in April 2021 for $29 million.

“The owners have lowered their reserve price, sending a strong signal to developers that they are keen on selling the property in this tender relaunch,” says Tracy Goh, head of investment and collective sales at PropNex.

Vicenta Lodge is a 16-unit freehold development at 16,18, 20, 22 Lorong Marzuki in Kembangan. It is located on a 21,271 sq ft site that is zoned for residential use, with a plot ratio of 1.4. It has a gross floor area of 29,794 sq ft and can potentially be redeveloped to offer 27 residential units with an average size of 1,076 sq ft.

The reserve price of $27.2 million translates to a land rate of $983 psf per plot ratio (ppr) without factoring balcony space. Including the 7% balcony space, the land price works out to $968 psf ppr.

PropNex’s Goh says she is optimistic about the collective sale tender despite the recent cooling measures implemented last December, given the property’s attractive location and the limited supply of new freehold apartments in the immediate areas.

Vicenta Lodge is located close to Kembangan MRT Station on the East-West Line and is accessible via major roads such as the East Coast Parkway (ECP) and the Pan-Island Expressway (PIE).

The property is also near schools such as St Stephen’s School, Tao Nan School and CHIJ (Katong) Primary.

The collective sale tender exercise will close at 2pm on March 10.

Check out the latest listings near Vicenta Lodge, Kembangan MRT Station, St Stephen’s School, Tao Nan School, CHIJ (Katong) Primary