At 52 to 62H Tanjong Katong Road in Singapore, the owners of this 26-unit walk-up development have relaunched the property for a collective sale with a guide price of $63 million. Huttons Asia, the sole marketing agency, explains that the property was initially offered last July with an indicative price of $65.5 million. Various bids were below the asking price.
This 9,999-year parcel of land has an area of 32,397 ft and is zoned for residential use with a Gross Plot Ratio of 1.4, according to the 2019 Master Plan. This sets the stage for the potential for 45,356 ft of gross floor area upon redevelopment into 49 apartments with an average size of 915 sq ft.
The guide price translates to a land rate of $1,401 psf per plot ratio with an estimated land betterment charge of approximately $530,000. Taking into consideration the 7% bonus balcony gross floor area, this rate can be reduced to $1,375 psf ppr.
Terence Lian, head of investment sales at Huttons Asia, thinks that this prime location in District 15 should attract great interest from developers. Indeed, the recent launch of Tembusu Grand – a 638-unit condo by City Developments and MCL Land – sold 53% of units at an average price of $2,456 psf during its launch weekend.
The property is located a 10-minute drive away from the CBD and just 500m away from Paya Lebar MRT Station. Shopping malls such as PLQ mall, i12 and Parkway Parade can be found nearby, making it a convenient spot. Additionally, the Singapore Sports Hub and East Coast Park, as well as F&B and cafe options in the Katong and Joo Chiat areas, give plenty of recreational options.
Angela Lim, deputy head of investment sales at Huttons Asia believes that the property would be attractive to professionals and young couples looking for convenience, with City Hall Interchange being only five stops away and Paya Lebar Commercial Hub within reach.
The tender for the collectively sold property closes on May 9 at 2pm.