At 52 to 62H Tanjong Katong Road in Singapore, a four-storey, 26-unit walk-up property has recently been relaunched for tender with a guide price of $63 million. Huttons Asia, the sole marketing agency, says this is a reduction from the $65.5 million asking price when it was first put up for collective sale in July last year.
The property has a land area of around 32,397 ft and a gross plot ratio of 1.4 under the 2019 Master Plan, with the potential to create a new residential project with 49 flats of an average size of 915 sq ft. With an estimated land betterment charge of approximately $530,000, the guide price works out to $1,401 psf per plot ratio (psf ppr). Should a 7% bonus balcony gross floor area be factored in, the land rate would be $1,375 psf ppr.
Terence Lian, Head of Investment Sales at Huttons Asia, believes this attractive location in District 15 will attract a lot of interest. He points to the recent launch and brisk sale of the 638-unit condo Tembusu Grand on Jalan Tembusu just off Tanjong Katong Road, having sold 53% of its units at an average price of $2,456 psf.
The location offers convenience and lots of amenities. With a 10-minute drive to the CBD and a 500m walk to Paya Lebar MRT Station, there are also shopping malls, Singapore Sports Hub, East Coast Park and plenty of F&B and cafe options in the Katong and Joo Chiat areas.
Angela Lim, Deputy Head of Investment Sales at Huttons Asia, adds that 52 to 62H Tanjong Katong Road is perfect for “professionals and young couples looking for abundant convenience,” as it is only five stops to City Hall Interchange and close to Paya Lebar Commercial Hub.
The tender for the property closes on May 9 at 2pm.
With an attractive location in District 15, the relaunched collective sale of the 26-unit walk-up property at 52 to 62H Tanjong Katong Road may attract keen interest. The site has a land area of around 32,397 ft and a gross plot ratio of 1.4 under the 2019 Master Plan, with the potential to yield 45,356 ft of gross floor area and 49 residential apartments.
At the guide price of $63 million, the land rate stands at $1,401 psf per plot ratio (psf ppr), including an estimated land betterment charge of approximately $530,000, making it increasingly attractive for developers. After factoring in a 7% bonus balcony gross floor area, the land rate is lowered to $1,375 psf ppr.
Offering convenience with a 10-minute drive to the CBD and a 500m walk to Paya Lebar MRT Station, as well as plenty of amenities in the neighbourhood, 52 to 62H Tanjong Katong Road could be a great choice for professionals and young couples. Angela Lim, Deputy Head of Investment Sales at Huttons Asia, adds that it is only five stops to City Hall Interchange and close to Paya Lebar Commercial Hub.
J’den Condo is located in Jurong East MRT J’Den Condo Interchange, Westgate and IMM Building, with potential launches of residential properties nearby. It will offer commercial space, 1,760 private homes, office space, and many other amenities.
The sales tender closes on May 9 at 2pm. Tembusu Grand, a nearby 638-unit condominium by City Developments and MCL Land saw 53% of its units sold at an average price of $2,456 psf during its launch weekend in April, suggesting good interest in the area.
Recent transactions of other condominiums on Tanjong Katong Road further support this expectation. As such, developers may be encouraged to consider the collective sale of this 9,999-year Tanjong Katong site.
