There are three sites for sale in the East and North East area.
They are:
- Lodge 77, a freehold, three-storey residential development in Upper East Coast Road that houses two food and beverage outlets and a clinic on the first storey. The zoning for the land plot, is residential with commercial on the first floor. It has a land area of 13,123 sq ft and a gross plot ratio of 3.0 and can be redeveloped into a four-storey mixed-use development. The expected price is above $34.2 million from the sellers (land rate of about $1,100 psf ppr) including an estimated development charge of about $9 million. Strata Titles Board approval is not required. The property is understood to be owned by a company with shareholders from the Ngo family. Some of the members owned the former Gallery hotel in the Robertson Quay.
- Serangoon site used for education.The property, which has a land area of 81,457 sq ft and gross floor area of 46,753 sq ft, is approved for education use and held under a 103-year leasehold tenure from 2012. The plot at 11 Hillside Drive, Serangoon, formerly the premises of CHIJ St Joseph’s Convent, was then used as a training school for foreign domestic workers. It is now tenanted to international school Hillside World Academy, with eight years left on its lease. Expected price for the property is $70 million upwards, with expected yield to be about 4 per cent. The site could be developed as residential in the future and also further maximize the asset’s potential. The site is zoned for residential use of plot ratio 0.8 under the 2014 Master Plan. The owner is Lucrum Capital, who bought the place 3 years ago from The Lady Superior of the Convent of the Holy Infant Jesus in Penang. The latter holds the 999-year leasehold title on the site starting 1878.
- Two-storey light industrial building at the corner of Ubi road 2 and Ubi Avenue 3 via an expression of interest exercise. The owner is Moduslink Pte Ltd, an American supply chain and logistics services company which is open to a partial leaseback arrangement from the buyer, or vacant posession. The building of 167,692 sqft GFA reflects a plot ratio of 1.3m which is short of the 2.0 plot ratio stated in the Master Plan 2014. The site is zoned for B1 and leased from HDB with a 30+30 year term starting from 1990.
Katong Homes 