Under the Urban Redevelopment Agency Master Plan, the owner’s of Kovan Lodge have asked for $43 million with 27,091 sq feet of land.
Currently, the site is studied because it has 16 apartments in a four-story development with a total leveled area of 30,440 square feet for residential use with 1.4 ratio plot. It is close to Heartland Mall-Kovan and the MRT station in Kovan.
The development of the freehold of Kovan Lodge and Ampas Apartments is due to two more collective sales sites entering the market.
The Ampas Apartments site has a total leveled area of 60,612 square feet with a 16-story property comprising 43 units and has a 2.8 plot ratio that has been allocated for residential use.
In Balestier owner’s are planning to sell their units to Ampas Apartments en bloc and this will require a cost of $ 105 million. Every square foot per plot ratio is about $ 1,134 psf or ppr to get $ 43 million. The tender closes on January 18th.
Apartments near Shaw Plaza and Balestier Plaza work for approximately $ 1,246 psf ppr including a $ 523,092 non-refundable developmental bill that can be paid to the state to intensify land use according to their price inquiry.
To reveal the reserve prices of their respective developments Hutton’s collective sales leader Stephen Tan has said that he has not been authorized by the Kovan and Ampas Apartments sales committees.
No development fee is payable according to the agent of Marketing Huttons Asia.
The tender closes on January 25th.