Green Lodge, a freehold development located on Toh Tuck Road, has been put up for collective sale.
Separately, an Expression of Interest (EOI) exercise was launched yesterday for 71 and 73 Oxley Rise, a freehold site zoned for 'commercial and residential' use.
The Green Lodge site has an asking price that is above $195 million, or about $866 per square foot per plot ratio (psf ppr). The sale is being conducted through a tender exercise which will close on Dec 8 at 3pm.
The freehold property sits on a land area of about 14,035 square metres (151,075 sq ft). According to the 2008 Master Plan, the site can be redeveloped into a five-storey condominium project at a gross plot ratio of 1.4. Green Lodge currently has an approved density of equivalent plot ratio 1.4896
, which means no development charge is payable.
Assuming an average apartment size of 1,000 sq ft and a building efficiency of 90 per cent, the site can accommodate about 210 residential units.
As for the Oxley Rise site, it has a site area of 25,630 sq ft and a gross plot ratio of 4.2 under the 2008 Master Plan.
This means it has the potential to be redeveloped into a new project with a gross floor area of 107,646 sq ft with 20 per cent commercial use and 80 per cent residential use, subject to approval from the relevant authorities.
Source: Business Times – 3 November 2011
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