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SG Kismis Lodge sold collectively for $84.2m

Property Here - Tuesday, March 26, 2013

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By Shabnam Muzammil:

The freehold Kismis Lodge (pictured) along Lorong Kismis has been sold in a collective sale for S$84.18 million to Newfort Alliance (Cairnhill). Brokered by Jones Lang LaSalle (JLL), this is the third en bloc deal this year.

Over 80 percent of owners consented to the selling price of S$1,198 psf, and each is expected to receive gross sales proceeds of around S$1.315 million.

The 70,283 sq ft residential site comprises 64 walk-up apartments in two four-storey blocks. It is zoned for a three-storey mixed landed development under the 2008 Master Plan, with no development charge payable.

Subject to approval from the Strata Titles Board, this could be the largest mixed landed site sold collectively in 2013, said Yong Choon Fah, National Director of Investments at JLL. 

“Based on URA’s prevailing guidelines for strata landed developments, Newfort could possibly build as many as 43 terrace houses, or 32 semi-detached houses, subject to approval.”

She added that only a few landed housing projects have been launched in the Upper Bukit Timah area in recent years.

“As such, despite the few rounds of property cooling measures, the demand for landed developments are expected to be fairly strong because the target market for landed developments are mainly Singaporean families. The ample living space within a landed property also appeals to multi-generational families.”

 

Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg