The 99-year leasehold Katong Park Towers has been put up for collective sale for $288 million, announced Cushman & Wakefield (C&W), the sole marketing agent. The property has garnered the requisite 80% consensus by share value and strata area for the tender launch.

With a $5.6 million development charge for the additional 10% bonus balcony as well as an estimated lease upgrading premium of $51 million, the land rate for the site will be about $1,165 psf per plot ratio, says Christina Sim, director of capital markets at C&W.

Katong Park Towers is a prime residential development situated on a 140,758 sq ft site. It is zoned for residential use with a plot ratio of 2.1, and a maximum building height of up to 24-storeys, according to the 2014 Master Plan.

A future residential development could yield about 388 units sized at an average of 753 sq ft subject to approvals, says C&W.

The property is close to Chung Cheng High School, Dunman High School, and the Canadian International School. It is about 200m to the future Katong Park MRT station, which is set to complete in 2023. It is connected to Mountbatten Road and Nicholl Highway, as well as the East Coast Parkway.

The tender will close on March 15.