The 26-unit walk-up development located at 52 to 62H Tanjong Katong Road has been put up for collective sale at a guide price of $63 million. This release is the second try made by the owners, as the property already was launched for tender at an indicative price of $65.5 million in July last year.
Sole marketing agency Huttons Asia informed that the property received several offers below the asking price. Spanning an area of 32,397 ft, the four-storey building is zoned for residential use with an allowable gross plot ratio (GPR) of 1.4 and could potentially yield 45,356 ft of gross floor area upon redevelopment. An average size of 915 ft could accommodate approximately 49 residential apartments.
The guide price implies a land rate of $1,401 per square foot per plot ratio, including a estimated land betterment charge of $530,000. However, taking into consideration a 7% bonus balcony gross floor area, the land rate could be lowered to $1,375 psf ppr.
Terence Lian, head of investment sales at Huttons Asia, believes that this property will have a high demand from buyers searching for their new homes in District 15. He denotes the successful launch of Tembusu Grand, a 638-unit condominium by City Developments and MCL Land, as an example of the market’s buoyancy.
The location of the property, just 500m away from the Paya Lebar MRT Station and a 10-minute drive away from the CBD, gives the area more charm. Closeby, one can find shopping malls such as PLQ mall and Parkway Parade, as well as recreational facilities like the Singapore Sports Hub and East Coast Park. Additionally, the Katong and Joo Chiat areas provide an extensive selection of F&B and cafe options.
Angela Lim, deputy head of investment sales at Huttons Asia, says it could be popular with professionals and young couples due to its convenient location, as it is only five stops away to City Hall Interchange.
For those interested, the tender for the property ends on May 9 at 2pm.