At 52 to 62H Tanjong Katong Road in Singapore, a 26-unit walk-up development has been relaunched for tender at a guide price of $63 million. This property was initially put up for collective sale last July with an indicative price of $65.5 million, but received multiple offers below the asking price.
The entire land area for this four-storey development is 32,397 ft. According to the 2019 Master Plan, it has a residential zoning with a 1.4 gross plot ratio. That translates to a potential 45,356 ft of gross floor area being generated with construction, potentially leading to around 49 residential apartments with an average size of 915 sq ft.
Including an estimated land betterment charge of $530,000, the guide price amounts to a land rate of $1,401 psf per plot ratio (psf ppr). However, if factoring in a 7% bonus balcony gross floor area, the rate goes down further to $1,375 psf ppr.
Tanjong Katong Road is a highly sought-after location by those looking to purchase a new home in District 15. This is partially due to the success of Tembusu Grand, a condo developed by City Developments and MCL Land, boding well for the collective sale of this 9,999-year Tanjong Katong Road site. Located close-by, 53% of its 638 units have been sold at an average price of $2,456 psf.
The 52 to 62H property is only a 10-minute drive away from the city centre and a 500m walk away from the Paya Lebar MRT Station. There are numerous surrounding amenities for recreation, shopping, and food and beverage, such as PLQ mall, i12, Parkway Parade, the Singapore Sports Hub and East Coast Park, as well as the Katong and Joo Chiat areas.
Terence Lian, head of investment sales at Huttons Asia, notes that this walk-up development has a great appeal for professionals and young couples seeking convenient access to the City Hall Interchange and Paya Lebar Commercial Hub.
The tender for the property closes on May 9 at 2pm.