Vicenta Lodge in Kembangan relaunches for collective sale with S$27.2m reserve price

FREEHOLD residential development Vicenta Lodge, located on Lorong Marzuki in Kembangan, will be relaunched for collective sale with a reserve price of S$27.2 million on Feb 10, said PropNex Realty on Wednesday (Feb 9).

The reserve price for the 16-unit development has been lowered from S$29 million, when it was offered for sale in its previous tender in April 2021. Prior to that, the property had also been put up for sale at S$33.6 million in 2018.

The 21,281 square foot site is zoned for residential use with a plot ratio of 1.4 under the Urban Redevelopment Authority's Master Plan 2019. It has a gross floor area of 29,794 sq feet (sq ft), which can potentially be developed into 27 units with an average size of 1,076 sq ft.

Its reserve price of S$27.2 million translates to a land rate of S$983 per square foot per plot ratio (psf ppr) without factoring balcony space, or S$968 psf ppr including the 7 per cent balcony space.

Tracy Goh, head of investment and collective sales at PropNex, noted that the lower reserve price is a "strong signal" from owners that they are keen on selling the property in the tender relaunch.

"Despite the new cooling measures implemented from Dec 16, 2021, we remain optimistic about this collective sale tender given the site's attractive location and the limited supply of new freehold apartments in the immediate areas," Goh said.

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She also expects housing demand, particularly for mass market homes, will remain resilient, supported by a "sizeable pool" of first-time buyers and HDB upgraders that are least affected by the new cooling measures.

Vicenta Lodge is located about 370 metres from Kembangan MRT station, and schools in the area include St Stephen's School, Tao Nan School, CHIJ (Katong) Primary and Maha Bodhi School.

The collective sale tender exercise will close on Mar 10 at 2 pm.

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