Vicenta Lodge in Kembangan sold for S$27.2m in collective sale

FREEHOLD residential development Vicenta Lodge, located on Lorong Marzuki in Kembangan, has been sold via a private treaty for S$27.2 million, said PropNex Realty on Wednesday (Mar 16).

The 16-unit development had been relaunched for collective sale in February, at a reserve price of S$27.2 million. The latest tender closed on Mar 10.

The reserve price had been lowered from S$29 million, when it was previously offered for sale in April 2021. Prior to that, the property had also been put up for sale at S$33.6 million in 2018.

The sale price translates to a land rate of S$968 per square foot per plot ratio after factoring the bonus balcony space and development charge.

The 21,281 square foot (sq ft) 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 ft, which can potentially be developed into 27 units with an average size of 1,076 sq ft.

Tracy Goh, head of investment and collective sales at PropNex, noted that despite property cooling measures announced in December 2021, the real estate market has continued to see robust demand from homeowners, with recent Government Land Sales (GLS) tenders also seeing firm bids from developers.

"Against this backdrop of diminishing supply and resilient home demand, we expect developers' appetite for residential sites - in both GLS and the collective sale market - to remain healthy for the rest of the year," Goh said.

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