Collective sale of Tanjong Katong development relaunched at $63 mil

At a guide price of $63 million, owners of the 26-unit walk-up development at 52 to 62H Tanjong Katong Road have relaunched the property for tender. Boasting a land area of 32,397 sq ft, the four-storey development has the potential to yield up to 45,356 ft of gross floor area upon redevelopment. It could potentially have 49 residential apartments with an average size of 915 sq ft.

The guide price translates to a land rate of $1,401 psf per plot ratio (psf ppr) including an estimated land betterment charge of $530,000. However, this could be lowered to $1,375 psf ppr after factoring in a 7% bonus balcony gross floor area.

The tender for the property closes on May 9 at 2pm. Located within a stone’s throw of Paya Lebar Commercial Hub, 52 to 62H Tanjong Katong Road is a 10-minute drive from the CBD and 500m walk from Paya Lebar MRT Station. Surrounding amenities include shopping malls and recreational facilities such as the Singapore Sports Hub and East Coast Park.

“We expect that there would be keen interest from several 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,” notes Terence Lian, head of investment sales at Huttons Asia. Tembusu Grand, the 638-unit condominium by City Developments and MCL Land, has seen 53% of units sold at an average price of $2,456 psf during its launch weekend on April 8 and 9.

“We believe that it will be popular with both professionals and young couples who are looking for abundant convenience,” remarks Angela Lim, deputy head of investment sales at Huttons Asia.

Recent transactions of condominiums on Tanjong Katong Road affirm that buyers look to the area for their new homes. With its attractive location, excellent connectivity and wide range of amenities, 52 to 62H Tanjong Katong Road is expected to garner much interest from developers.

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