At a guide price of $63 million, the owners of a 26-unit, four-storey walk-up development at 52 to 62H Tanjong Katong Road have relaunched their property for tender in Singapore. Located in District 15 and zoned for residential use, the 32,397 square foot site has has a potential to yield 45,356 ft of gross floor area with around 49 apartments of an average size of 915 sq ft.
Sole marketing agent, Huttons Asia, had first put the property up for collective sale at a indicative price of $65.5 million in July last year. Despite receiving several offers, none were accepted due to their being below the asking price.
The guide price of $63 million translates to a land rate of $1,401 psf ppr, including an estimated land betterment charge of $530,000. This can be lowered to $1,375 psf ppr after factoring in a 7% bonus balcony gross floor area.
Terence Lian, head of investment sales at Huttons Asia, says, “Tanjon Katong has always been a choice for buyers looking for new homes in District 15. We’ve had very positive reviews for the collective sale of this 9,999-year Tanjong Katong site and we’re expecting plenty of interest from developers.”
The development is only a 500m walk from Paya Lebar MRT Station, a ten-minute drive away from the CBD, and is close to shopping malls and recreational facilities. Furthermore, F&B and cafe offering in the Katong and Joo Chiat areas are also nearby.
Angela Lim, deputy head of investment sales at Huttons Asia, believes this property will be popular with professionals, young couples, and those looking for convenience. The tender for the property closes on May 9 at 2pm.