At 52 to 62H Tanjong Katong Road in Singapore, the owners of the 26-unit walk-up development have relaunched the property for tender with a guide price of $63 million. It was previously put up for collective sale in July last year with an indicative price of $65.5 million, but had received several offers below the asking price, according to sole marketing agency Huttons Asia.
Located with an area of about 32,397 ft, the site has been zoned for residential use with an allowable gross plot ratio of 1.4 according to the 2019 Master Plan. The potential to yield a gross floor area of 45,356 ft could potentially see 49 residential apartments with an average size of 915 sq ft being created.
The guide price for the land translates to a rate of $1,401 psf per plot ratio (psf ppr), with an estimated land betterment charge of around $530,000. After factoring in a 7% bonus balcony gross floor area, this rate could be reduced to $1,375 psf ppr.
Terence Lian, head of investment sales at Huttons Asia, is confident that there will be significant interest in the collective sale due to Tanjong Katong being an ideal location for buyers looking to purchase new homes in District 15. This is evident considering the brisk sale of nearby Tembusu Grand, he said.
The 638-unit condo, run by City Developments and MCL Land, sold 53% of its units at an average price of $2,456 psf during its launch weekend in April this year.
At 52 to 62H Tanjong Katong Road, it will only take a 10-minute drive to reach the CBD and a 500m walk to get to Paya Lebar MRT Station. Plus, shopping malls such as PLQ mall, i12 and Parkway Parade can be found in the vicinity, along with recreation facilities like the Singapore Sports Hub and East Coast Park. There are even plenty of F&B and cafes in the Katong and Joo Chiat areas.
“We believe that it will be popular with both professionals and young couples who are looking for abundant convenience, as it is just five stops to City Hall Interchange and within a stone’s throw to Paya Lebar Commercial Hub, where there is a great mix of retail, F&B and recreational offerings,” Angela Lim, deputy head of investment sales at Huttons Asia, explains.
The tender for the property will close on May 9 at 2pm.
The success of nearby Tembusu Grand bodes well for the collective sale of the 9,999-year Tanjong Katong site, and buyers who are looking for their new homes in District 15 are likely to show keen interest. With its close proximity to the CBD, MRT station and many amenities, this property is sure to have plenty of appeal.