At a guide price of $63 million, the owners of a 26-unit, four-storey walk-up development at 52 to 62H Tanjong Katong Road have relaunched the property for collective sale. Located in District 15 and zoned for residential use, the 32,397 sq ft site has the potential to yield approximately 45,356 sq ft of gross floor area, potentially yielding 49 residential apartments with an average size of 915 sq ft.
The guide price translates to a land rate of $1,401 psf per plot ratio (psf ppr), including an estimated land betterment charge of approximately $530,000. The land rate could be lowered to $1,375 psf ppr after factoring in a 7% bonus balcony gross floor area.
The property received several offers below the asking price when it was first put up for collective sale at an indicative price of $65.5 million in July last year. This time, sole marketing agency Huttons Asia expects keen interest from developers due to the bullish sale of Tembusu Grand, located on Jalan Tembusu, just off Tanjong Katong Road.
The 638-unit condo by City Developments and MCL Land saw 53% of units sold at an average price of $2,456 psf during its launch weekend on April 8 and 9.
Angela Lim, deputy head of investment sales at Huttons Asia, enthuses that the development will be popular with young couples and professionals who are seeking convenience, since it is located just five stops to City Hall Interchange and a 500m walk away from Paya Lebar MRT Station.
Surrounding amenities include shopping malls such as PLQ mall, i12 and Parkway Parade, with recreational facilities such as the Singapore Sports Hub and East Coast Park in the vicinity, together with abundant F&B and cafe offerings in Katong and Joo Chiat.
The tender for the property closes on May 9 at 2pm.
Huttons Asia’s Terence Lian notes, “Tanjong Katong has always been a choice location for buyers looking to purchase their new homes in District 15. We expect there would be keen interest from several developers in view of the brisk sale of Tembusu Grand, which bodes well for the collective sale of this 9,999-year Tanjong Katong site.”