Chancery Garden and Kimis Lodge up for collective sale

Chancery Garden, a prime freehold mixed landed development at District 11 has been put up for collective sale by tender.

Located near Orchard Road, Chancery Garden offers a site area of 29,468 sq ft and could house six strata semi-detached plus 10 strata terraces, 18 strata terraces or any other configuration subject to approval.

The property’s owners expect a minimum price of S$45 million and it is likely to attract interest from medium-sized developers and high-net-worth individuals.

“We see continued strong interests for strata landed development sites in prime districts 10 and 11. Within the Whitley locality, the latest transaction of 121C Whitley Road was 16 percent higher than Whitley Heights transacted merely nine months ago in September 2011,” said Alex Oh, Assistant Director at OrangeTee Investments, which is marketing Chancery Garden.

The tender for the site will close on 23 August.

Separately, Credo Real Estate has launched the collective sale of Kismis Lodge, located off Toh Tuck Road.

Comprising 64 walk-up apartments, the site has a land area of 70,283 sq ft. Credo revealed that the owners expect offers of around S$90 million to S$95 million or S$1,281 to S$1,352 psf.

It is zoned for a “three-storey mixed landed” development under the 2008 Master Plan.

“Based on URA’s (Urban Redevelopment Authority) prevailing guidelines for strata landed developments, the purchaser of Kismis Lodge could possibly build as many as 43 strata terrace houses, or 32 strata semi-detached houses, or alternatively, choose to build a combination of up to 22 conventional and 20 strata terraces, subject to approval,” said Yong Choon Fah, Executive Director of Credo Real Estate.

The site tender will close on 15 August.

Source PropertyGuru – 2012 Jul 17

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