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 …
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