Freehold Kovan residential site up for sale

Freehold Kovan residential site up for sale

Kovan Lodge - one of the last few older freehold blocks on Kovan Road - was put up for sale by tender yesterday.

Comprising a total land area of 27,090 square feet, the residential-zoned site currently occupied by Kovan Lodge is said to have the potential to be redeveloped into a much bigger residential development, subject to the authorities' approval.

Notably, if approval is granted to purchase an adjoining plot of state land of about 505 sq ft, the site could be built up to 38,633 sq ft based on the present gross plot ratio of 1.4, which translates to around $802 per sq ft per plot ratio (psf ppr) based on the indicative asking price of $31 million.

Location-wise, the property is situated in District 19 and is near popular shopping centres such as nex mall, Heartland Mall and Hougang Mall, providing easy access to amenities.

In addition, the development is just a stone's throw away from the up-and-coming food street@Simon Road, located at Kovan MRT Station.

Source: Business Times – 16 August 2012