The owners of a four-storey, 26-unit walk-up development at 52 to 62H Tanjong Katong Road in Singapore have put the property back up for tender at a guide price of $63 million. The site is zoned for residential use and has the potential to yield up to 45,356 sq ft of gross floor area upon redevelopment. With an estimated land betterment charge of $530,000 included, this gives a psf ppr of $1,401, or $1,375 with the addition of a 7% bonus balcony gross floor area.
Huttons Asia, the sole marketing agent for the property, noted that it had initially been put up for sale at an indicative price of $65.5 million in July last year, but no offers matched the asking price.
The location of the property is ideal for prospective buyers looking for new homes in District 15. It is a 10-minute drive from the CBD and only 500m from Paya Lebar MRT Station. Shopping malls such as PLQ mall, i12 and Parkway Parade can also be found nearby.
Furthermore, recreational facilities such as the Singapore Sports Hub and East Coast Park are close by, as well as various F&B and cafe offerings in the Katong and Joo Chiat areas. Terence Lian, Head of Investment Sales at Huttons Asia, believes that this desirable location and the recent brisk sale of Tembusu Grand in the area bode well for the collective sale.
The successful development of Tembusu Grand at Jalan Tembusu, which is just off Tanjong Katong Road, demonstrates the market demand there. The 638-unit condo by City Developments and MCL Land sold 53% of its units at an average price of $2,456 psf during its launch weekend.
This sale suggests that buyers appreciate the area for its convenience – it is only five stops to City Hall Interchange and within a short walk to the Paya Lebar Commercial Hub. Young couples and professionals alike will no doubt be interested in such a desirable location.
The tender for 52 to 62H Tanjong Katong Road closes on May 9 at 2pm.