Huttons Asia has re-launched a 26-unit walk-up development at 52 to 62H Tanjong Katong Road with a guide price of $63 million. Located in District 15, the property has a land area of about 32,397 ft and is zoned for residential use with an allowable gross plot ratio of 1.4 under the 2019 Master Plan.
This could potentially yield approximately 45,356 ft of gross floor area upon redevelopment, with the potential to have 49 residential apartments with an average size of 915 sq ft. At a guide price of $1,401 psf per plot ratio (psf ppr), including an estimated land betterment charge of approximately $530,000, the land rate could be further reduced to $1,375 psf ppr by factoring in a 7% bonus balcony.
Terence Lian, head of investment sales at Huttons Asia, expects there to be keen interest from developers given the recent brisk sales at nearby Tembusu Grand, a 638-unit condo by City Developments and MCL Land. The Rent Out Condo project sold 53% of its units at an average price of $2,456 psf during its launch weekend on April 8th and 9th.
Situated just a 10-minute drive from the CBD and 500m from Paya Lebar MRT Station, the development offers an abundance of convenience. Surrounding it are shopping malls such as PLQ mall, i12 and Parkway Parade, along with recreational facilities such as the Singapore Sports Hub and East Coast Park. Furthermore, Katong and Joo Chiat also offer plenty of F&B and cafe options.
Angela Lim, deputy head of investment sales at Huttons Asia, believes the property will be popular among professionals and young couples. Located just five stops to City Hall Interchange and within close proximity to Paya Lebar Commercial Hub, this location could not be better.
The tender for the property closes on May 9 at 2pm, and with such an attractive location, it is sure to draw plenty of interest.
CDL-MCL Land’s Tembusu Grand 53% sold at an average price of $2,465 psf
Freehold semi-detached house on Goodman Road on the market for $9.2 mil
CDL and MCL Land to launch Tembusu Grand in Katong at prices from $2,296 psf