Just 16 units, but a 21,409 sq ft site in the city fringes may very well attract developers despite a minimum bid price of $44 million.
$44 million reserve price for a 16-unit apartment block in Newton
While the Newton Lodge site is not a big one compared to the 211,976 sq ft Highpoint condominium or the 128, 255 sq ft Cavenagh Gardens near the Orchard Road shopping belt, in the current real estate milieu, smaller boutique sites are perhaps more palatable to developers’ appetites.
The reserve price of $44 million translates to a land rate of $1,468 psf ppr. The site is zoned for residential use and can be developed into residential apartments, a serviced apartment or even a co-living development.
Analysts think the site will be able to hold up to 60 rooms.
City fringe location near Novena health hub
Newton Lodge with its current 16 apartment units is located just 400 metres away from the Novena MRT station and the Novena health and the commercial cluster are not far away.
The Novena area is on its way to becoming Singapore’s largest healthcare hub, which could translate to high rental yields for apartments in the area. Health City Novena is targeted for completion in 2030 and the cluster will include a new Ambulatory Centre at Tan Tock Seng Hospital (TTSH) and expanded medical education facilities.
The area is currently served by a few commercial malls such as Velocity, Novena Square and United Square. There are also some eateries in the low-rise Goldhill Plaza and the Newton food centre is just a few bus stops away. Schools nearby include St. Joseph’s Institution, Singapore Chinese Girls’ School and Anglo Chinese School Junior.
The popularity of the Newton and Novena area with expatriates and young professionals, the Newton Lodge’s central location, project size and attractive total price quantum may make this a worthy acquisition for developers.
See more: Novena: Heritage and Heart