Newton Lodge launched for collective sale
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Newton Lodge, a residential site at Newton Road, has been launched for collective sale with an asking price of $44 million.
Newton Lodge may be redeveloped into a low-rise apartment project comprising up to 27 units (Credit: JLL)
This reflects a land rate of $1,468 psf per plot ratio (ppr), according to sole marketing agent JLL. After factoring an additional 8% bonus gross floor area for balconies and communal areas, the reserve price will be at a lower rate of about $1,359 psf ppr. Development charges are not payable.
Newton Lodge is a 16-unit freehold site, with a land area of 21,409 sq ft. It is zoned for residential use under the 2014 Master Plan, with an allowable gross plot ratio of 1.4.
The property may be redeveloped into a low-rise apartment project comprising up to 27 units, with an average size of 100 sqm (1,076 sq ft) per unit.
Subject to approval from the authorities, Newton Lodge may also be redeveloped as serviced residences or a custom-built co-living development. If approved for serviced apartments, Newton Lodge may house 50 to 60 rooms which could be rented for a minimum seven-day stay.
The tender will close on Feb 26, 2.30pm.
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