Katong Omega Apartments, located at East Coast Road, has been launched for collective sale by tender. According to marketing agent Teakhwa Real Estate, the 18-unit development is expected to fetch at least $41 million, or $1,062 psf on potential GFA. This includes a $0.48 million differential premium, subject to URA’s confirmation. Including the 10% bonus balcony GFA, the land rate will be reduced to $1,022 psf.

The freehold 27,902 sq ft site is zoned ‘Residential’ with a plot ratio of 1.4, and a maximum allowable height capped at 5 storeys. The potential GFA for the new development is about 39,063 sq ft, which translates to 36 apartments with an average size of 1,076 sq ft, subject to approval from relevant authorities.

Approval from the strata board is not required as all the owners at Katong Omega Apartments have agreed to the collective sale.

The tender will close on April 5.

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