Co-living residences are growing in popularity in Singapore where population density is high.
While it is still at its infancy, this could only mean considerable opportunities for growth.
Novena Health Hub could mean better chances for collective sale
Newton Lodge. Picture: iProperty
This could be good news for Newton Lodge, a 16-unit apartment block making their second collective sale attempt.
The site is a freehold one which adds to its attractiveness and the owners are expecting a minimum of $44 million for the 21,409 sq ft site. Situated in the city fringes, the location is rather prime and the site is zoned for residential use with a land rate of $1,468 psf ppr.
The new property on this site will have to be a low-rise one but may hold up to 27 units of an average of 100 sq m each.
Should the en bloc sale be successful, each apartment owner will receive between $2.5 million and $3 million.
See more: Novena: Heritage and Heart
The site is just 400m away from the Novena MRT station and is also in the vicinity of the Novena commercial cluster. The Novena area is being developed into a health hub, which means residences around may be in demand for rent or sale.
Tan Tock Seng Hospital, Novena. Picture: iProperty
The Novena Health City will be completed by 2030 and it will be Singapore’s largest healthcare hub. The area will form an ecosystem which will have medical research and education facilities, healthcare services and integrated commercial, leisure and public community spaces.
Serviced apartments of Co-living space a possibility?
Analysts are positive about the future value of properties in this district and are open to the fact that serviced residences or co-living spaces may occupy the site.
The redevelopment of the site to serve such purposes may however be subject to approval from the authorities. If approved, the site could hold up to 50 to 60 rooms.
See more: 2 new MRT stations along the North-South line by mid-2030s
