Newton Lodge is located close to Novena MRT station and the future healthcare hub. (Photo: JLL)
Newton Lodge, a 16-unit residential development at Newton Road, has been launched for collective sale with the owners expecting a minimum offer of $44 million, revealed marketing agent JLL.
This works out to a land rate of $1,468 psf per plot ratio (psf ppr), or $1,359 psf ppr after taking into account the eight percent bonus gross floor area for balconies and communal areas. No development charge is payable for the development.
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Newton Lodge is about 400m away from the Novena commercial cluster and Novena MRT station. JLL noted that major developments have been underway within the Novena area as the government aims to transform it into the largest healthcare hub in Singapore by 2030.
With an area of 21,409 sq ft, the freehold site is zoned residential with an allowable gross plot ratio of 1.4 under the 2014 Master Plan. It could be redeveloped into a low-rise apartment project with 27 units averaging 100 sq m each, a serviced residence, or a custom-built co-living development.
Should it be approved for serviced apartments, the development could potentially house about 50 to 60 units.
“The concept of sharing private and HDB apartments with unrelated tenants is common in Singapore, which is informally a form of co-living. However, professionally-run and organized co-living concepts to the levels of the co-working phenomenon is still in its infancy stage in Singapore, and is expected to grow especially with high stamp duties payable for home purchases by foreigners in Singapore,” said Karamjit Singh, senior consultant at JLL.
“Purchasers who wish to develop an entire building for co-living spaces or short-term accommodation should find Newton Lodge’s central location, project size and price quantum attractive. Not only would a boutique-sized project be more manageable, a smaller community of like-minded residents may also result in more meaningful social engagements.”
The tender for Newton Lodge will close on 26 February.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg