Kovan Lodge up for collective sale at $43 mil

On Dec 21, Kovan Lodge at Kovan Road was put up for collective sale by tender at an asking price of $43 million ($1,134 psf per plot ratio). According to marketing agent Huttons Asia, the winning developer would not have to pay development charges.
Located within a 600m radius of Kovan MRT station and Heartland Mall, the 16-unit Kovan Lodge sits on a freehold, 27,091 sq ft site. The existing four-storey development, which has a total strata area of 30,440 sq ft, is located next to the 18-unit Kovana and the 23-unit Kovan Esquire.
Under the 2014 Master Plan, the site is zoned ‘residential’ with a gross plot ratio of 1.4. This means the site has a maximum gross floor area of 37,927 sq ft and can be redeveloped into 35 apartments with an average size of 1,080 sq ft.
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The tender closes on Jan 18, 2018.