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News Release

Singapore

Kismis Lodge Sold En Bloc at $84.18 million to Newfort Alliance (Cairnhill) Pte Ltd


​Kismis Lodge, a freehold residential development located at Lorong Kismis within the landed housing estates of Upper Bukit Timah, was successfully sold to Newfort Alliance (Cairnhill) Pte Ltd. The collective sale was brokered by property consultants Jones Lang LaSalle. This sale marks the third successful collective sale deal done this year.

The subject development comprises 64 units of walk-up apartments housed in two 4-storey blocks, built in the 1970s.
   
“Kismis Lodge has a land area of some 70,283 sq ft and is zoned for 3-storey mixed landed development under the 2008 Master Plan. No development charge is payable,” says Ms Yong Choon Fah, National Director of Investments at Jones Lang LaSalle.

“More than 80% of the owners have consented in writing to Newfort’s offer of $84.18 million, which translates to $1,198 psf over land area.”

“The sale is subject to Strata Titles Board approval. If approved, this could be the largest mixed landed site sold collectively this year,” adds Ms Yong.

“Based on URA’s prevailing guidelines for strata landed developments, Newfort could possibly build as many as 43 terrace houses, or 32 semi-detached houses, subject to approval. In recent years, there had been few landed housing projects launched in Upper Bukit Timah area. As such, despite the few rounds of property cooling measures, the demand for landed developments are expected to be fairly strong because the target market for landed developments are mainly Singaporean families. The ample living space within a landed property also appeals to multi-generational families.”

“At Kismis Lodge’s sale price of $84.18 million, the owners would be receiving a gross sale price of approximately $1.315 million each.”
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Notes to editors

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,100 employees operating in 78 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. www.ap.joneslanglasalle.com 
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