The freehold Olina Lodge will be up for tender once again, at an indicative price of $220 million or $1,544psf ppr, slightly lower than its previous asking price of $225 million or $1,666psf ppr.
According to sole marketing agent DTZ, no development charge is payable if the freehold site is redeveloped within its maximum plot ratio. Shaun Poh, DTZ head of investment advisory services and auction, noted that the investment quantum of the hilltop site is more likely to appeal to developers that are seeking “mid-sized residential development sites” in a popular residential district. Assuming the indicative price is met, owners stand to receive around $3 million to $ 4 million per unit.
The tender for Olina Lodge closes on Dec 13 and the freehold property can be built up to a maximum height of 12 storeys under Master Plan 2008. Olina Lodge is a four-storey walk-up residential development comprising 67 apartments and is about 20 years old.
Source: The Business Times
The wife and I did a quick check of our previous postings and found that Olina Lodge first put their development up for collective sale back in June 2011. We understand the tender ended with no bid – and that was before the whole EU debacle started to unfold.
So we reckon a $5 million dollar reduction in asking price now is not going to cut it. But we shall see...
Click below to read our previous posting on the Olina Lodge en-bloc: