Collective sale of Tanjong Katong development relaunched at $63 mil
At a guide price of $63 million, the owners of a 26-unit walk-up development at 52 to 62H Tanjong Katong Road have relaunched the collective sale of the property. Boasting a land area of approximately 32,397 ft and zoned for residential use with an allowable gross plot ratio of 1.4 under the 2019 Master Plan, the sale could yield approximately 45,356 ft of gross floor area upon redevelopment.
The guide price works out to a land rate of $1,401 per square foot according to plot ratio (psf ppr) and includes an estimated land betterment charge of approximately $530,000. Additional 7% bonus balcony gross floor area allows the land rate to go down to $1,375 psf ppr.
Located just five stops to City Hall Interchange and within a 500m walk to Paya Lebar MRT Station as well as having many nearby shopping malls such as PLQ mall, i12 and Parkway Parade, the walk-up development is ideal for professionals and young couples looking for convenience. Moreover, numerous recreational facilities such as the Singapore Sports Hub and East Coast Park – with many F&B and cafe offerings in the Katong and Joo Chiat areas – are just a short drive away.
Sole marketing agency Huttons Asia, expects that there would be keen interest from developers given the brisk sale of Tembusu Grand. The 638-unit condo by City developments and MCL Land, which is located on Jalan Tembusu, off Tanjong Katong Road, saw 53% of units sold at an average price of $2,456 psf during its launch weekend of April 8 and 9.
“We believe that it will be popular with both professionals and young couples who are looking for abundant convenience,” states Angela Lim, deputy head of investment sales at Huttons Asia.
In order to attract potential buyers, the new development could potentially house up to 49 residential apartments with an average size of 915 sq ft. The tender for the property closes on May 9 at 2 pm.