The tender for the en bloc sale of Green Lodge at Toh Tuck Road closed on Wednesday, but it is not clear if a winning bid for the site has emerged.
It is believed that there were a few bids for the land parcel, but marketing agents Newman & Goh haven’t announced the tender results. It is conducting due diligence and for the meantime, has imposed a blackout period for the result of the tender.
The 80-unit, 151,075-square-feet Green Lodge, with a 1.4 plot ratio was put up for en bloc sale at the end of December last year. The asking price reached $135 million, including a development charge of about $9.5 million. The price worked out to around $683 per square foot per plot ratio (psf ppr).
The wining bidder would be able to launch a project with about 211 units, measuring an average area of 1,000 square feet.
One consultant projected that the units could be sold at around $1,000 to $1,100 psf while Newman & Goh estimated that its average selling price is at least $1,250 psf.
In a report released yesterday, several analysts from Goldman Sachs noted reservations over the return of en bloc sales activity for now. “Even though developers are financially stronger, we think they will choose to stay on the sidelines in the en bloc market until demand returns more visibly in 2H 2010,” they said.
“A good indication of potential trigger points for en blocs is the widening of primary over secondary market prices.”