Kismis Lodge is being put up for collective sale for the second time.
Located off Toh Tuck Road, Kismis Lodge occupies a land area of 70,283 square feet (sq ft). The plot, comprising 64 walk-up apartments, was first put up for tender on July 16 last year.
In the July 2012 tender, the owners asked for between $90 million and $95 million, which translates to about $1,281 to $1,352 per square foot (psf).
While there was interest from buyers, their offers did not meet the owners' expectations.
This time, the owners are expecting at least $90 million, which translates to some $1.4 million per owner.
Out of 12 private residential GLS sites on the confirmed list in the first half of 2013, only one is slated for landed housing.
The Kismis Lodge site is zoned for "three-storey mixed landed housing" and can be redeveloped to yield around 43 strata terraces, or other combinations of landed housing subject to approval.
Because there is a high development baseline for the site, developers do need not pay a development charge.
The tender for Kismis Lodge closes on Jan 24 at 2.30pm.
Source: Business Times –3 January 2013
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