At 52 to 62H Tanjong Katong Road, owners have relaunched the property for tender at a guide price of $63 million. The four-storey development was initially put up for sale at an estimated price of $65.5 million last July. The land area measures approximately 32,397 ft and it is zoned for residential use with an allowable gross plot ratio of 1.4. This means that the new development could potentially have 49 residential apartments with an average Marina Gardens Condo size of 915 sq ft, if redeveloped.
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. After factoring in a 7% bonus balcony gross floor area, the land rate becomes $1,375 psf ppr.
The District 15 location is surrounded by amenities such as malls, recreational facilities, F&B and cafe offerings within 500m of Paya Lebar MRT station and is 5 stops to City Hall Interchange.
“We expect there to be keen interest from 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,” said Terence Lian, head of investment sales at Huttons Asia.
Tembusu Grand, a 638-unit condo by City Developments and MCL Land located in the area, saw 53% of units sold at an average price of $2,456 psf during its launch weekend on April 8th and 9th.
The tender for the property closes on May 9th at 2pm.
Angela Lim, deputy head of investment sales at Huttons Asia, comments “It will be popular with both professionals and young couples who are looking for plenty of convenience. We believe that it is a great mix of retail, F&B and recreational offerings”.
Recent transactions of condominiums along Tanjong Katong Road demonstrate the potential of the area, making the walk-up development a desirable investment opportunity.
The potential success of the current tender reflects the favourable conditions of collective sale across District 15.