http://www.businesstimes.com.sg/arch...again-20130307

Published March 07, 2013

Kovan Lodge put up for collective sale again

Asking price around $790 psf is lower than previous launch


THE FREEHOLD Kovan Lodge has been put up for collective sale through tender.

The asking price is a tad below $30 million, or around $790 per square foot of potential gross floor area. No development charge is payable.

Under the 2008 Master Plan, the 27,090 sq ft site is zoned for residential use. The plot ratio, which is the ratio of maximum gross floor area to land area, is 1.4.

Kovan Lodge's buyer may be able to purchase an adjoining plot of state land of about 505 sq ft.

The current asking price for Kovan Lodge is lower than the $31.5 million that its owners had sought in an earlier launch last year. The current tender will close on March 26.

Mount Everest Properties, which is marketing the site, noted that this is the first residential collective sale site to be launched since the January property cooling measures and last month's Budget.

Kovan Lodge, completed more than 20 years ago, is a four-storey development comprising 16 apartments of around 1,200 sq ft to 1,800 sq ft.

Based on the current asking price, its owners will stand to receive sums of between $1.5 million and $1.8 million per unit.

Owners controlling slightly more than 80 per cent of the share values and floor area in the development have signed the collective-sale agreement.

Any sale will be subject to approval from the Strata Titles Board (STB), unless the remaining owners come on board before the STB hearing.