Tanjong Katong Road development put up for collective sale at $65.5 mil

SINGAPORE (EDGEPROP) - An existing four-storey walk-up development has been put up for collective sale via tender at a guide price of $65.5 million today (July 5). Huttons has been appointed as the sole marketing agency.

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The 9,999-year leasehold site is zoned for residential use with an allowable gross plot ratio of 1.4 under the 2019 Master Plan. Spanning 32,397 sq ft in land area, the plot will yield 45,356 sq ft of built-up area upon redevelopment, and up to 49 residential apartments, estimates Huttons. This translates to a land rate of $1,454 psf per plot ratio (psf ppr).

There is also the option to develop it into serviced apartments, depending on URA’s approval, according to Terence Lian, the head of investment sales at Huttons.

Within a 500M radius of the development, there are currently more than 3,300 units of apartments/condos, including Park Place Residences (429 units) and The Waterina (398 units). The major launch expected in this neighbourhood within the next 12 months is the development for Thiam Siew Avenue, which was acquired by Hoi Hup and Sunway late last year. The development is expected to launch at $2,700 PSF, based on the analysis on EdgeProp LandLens.

Located at 56 to 62H Tanjong Katong Road in the city fringe, the site up for sale is a short walk to Paya Lebar MRT Station (on the East-West and Circle Lines). Several malls and eateries are in the vicinity, such as PLQ Mall, Kinex, i12, Parkway Parade and cafes. In addition, leisure amenities are nearby, including Singapore Sports Hub and East Coast Park.

“Tanjong Katong is an exciting residential neighbourhood with rich Peranakan history and culture, evident at casual eateries serving traditional fare like Nyonya cuisines,” says Lian.

“We believe that this rare 9,999-year site will be in strong demand by families and young couples looking to live in a convenient location,” says Angela Lim, deputy head of investment sales at Huttons.

Tender will close on Aug 23 at 2pm.