Collective sale of Tanjong Katong development relaunched at $63 mil
By Jennifer Venkat
/ EdgeProp Singapore |
56 to 62H Tanjong Katong Road (Image: Huttons Asia)
SINGAPORE (EDGEPROP) - The owners of a 26-unit walk-up development at 52 to 62H Tanjong Katong Road have relaunched the property for tender at a guide price of $63 million.
The four-storey development was first put up for collective sale at an indicative price of $65.5 million in July last year. At the time, it received several offers below the asking price, says sole marketing agency Huttons Asia.
Map and overview of Tanjong Katong Road (Source: EdgeProp LandLens)
The site has a land area of about 32,397 ft. It is zoned for residential use with an allowable gross plot ratio of 1.4 under the 2019 Master Plan. Based on this, it has the potential to yield approximately 45,356 ft of gross floor area upon redevelopment. The new development could potentially have 49 residential apartments with an average size of 915 sq ft.
The guide price translates to a land rate of $1,401 psf per plot ratio (psf ppr), including an estimated land betterment charge of approximately $530,000. The land rate could be lowered to $1,375 psf ppr after factoring in a 7% bonus balcony gross floor area.
“Tanjong Katong has always been a choice location for buyers looking to purchase their new homes in District 15. We expect that there would be keen interest from several developers in view of the buoyant and brisk sale of Tembusu Grand, which bodes well for the collective sale of this 9,999-year Tanjong Katong site,” says Terence Lian, head of investment sales at Huttons Asia.
Recent transactions of condominiums on Tanjong Katong Road (Source: EdgeProp Research tool)
Tembusu Grand, the 638-unit condo by City Developments and MCL Land, is located on Jalan Tembusu, just off Tanjong Katong Road. The project saw 53% of units sold at an average price of $2,456 psf during its launch weekend on April 8 and 9.
52 to 62H Tanjong Katong Road is a 10-minute drive away from the CBD as well as a 500m walk from Paya Lebar MRT Station. Surrounding amenities include shopping malls such as PLQ mall, i12 and Parkway Parade. Furthermore, recreational facilities such as the Singapore Sports Hub and East Coast Park are also nearby, along with F&B and cafe offerings 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, says. (Find Singapore commercial properties with our commercial directory)
The tender for the property closes on May 9 at 2pm.
Check out the latest listings near Tembusu Grand, Tanjong Katong, Jalan Tembusu, Paya Lebar MRT Station
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