Vicenta Lodge enbloc for $27.2m

About Vicenta Lodge Collective Sales

Vicenta Lodge, a freehold residential development on Lorong Marzuki at Kembangan enclave, was sold through a private deal for S$27.2 million, according to PropNex Realty.

The 16-unit complex was put up for sale again in February with a reserve price of S$27.2 million. The last call for bids ended on March 10.

When it was first put up for sale in April 2021, the reserve price was S$29 million. That price has since been lowered. Before that, the property had been for sale in 2018 for S$33.6 million.

After taking into account the extra balcony space and the development charge, the sale price works out to a land rate of S$968 psf ppr.

 

Potential of the Site

Under the URA Master Plan 2019, the 21,281 sf site is zoned for residential use and has a plot ratio of 1.4. It has a gross floor area of 29,794 square feet, which means that 27 units with an average size of 1,076 square feet could be built there.

Tracy Goh, head of investment and collective sales at PropNex, said that even though property cooling measures were announced in December 2021, the real estate market has continued to see strong demand from homeowners. Recent Government Land Sales (GLS) tenders have also seen strong bids from developers.

“Given that the supply of homes is shrinking and the demand for homes is still strong, we expect developers’ demand for residential sites to remain healthy for the rest of the year,” Goh said.