Kismis Lodge, a freehold site located off Toh Tuck Road, is up for collective sale.

This is the second time the site is being put up for sale.

According to its marketing agent Jones Lang LaSalle, the 70,283 square feet site is zoned for a “3-storey mixed landed” development.

The site can be redeveloped to yield up to 43 strata terraces or a combination of conventional and strata landed homes, subject to design and planning approval.

“Given its location, we believe that the new development at Kismis Lodge could easily achieve between S$3.5 million to S$4.0 million for its strata terraces.” said Ms Yong Choon Fah, National Director, Jones Lang LaSalle.

Ms Yong added that keen interest from developers is expected.

The owners of Kismis Lodge are expecting offers in the region of S$90 million from the collective sale, or approximately $1,281 per square foot (psf).

That is at the lower end of its asking price of S$1,281 to S$1,352 psf when it was first put up for sale by Credo Real Estate last July.

There is no development charge payable for the site.

If successful, each owner of the 64-unit apartment will fetch approximately S$1.4 million.

More than 80 per cent of the owners by floor area and share value have consented to the collective sale.

The tender for Kismis Lodge closes at 2.30pm on January 24.

Source : Channel NewsAsia – 2 Jan 2013