Collective sale of Tanjong Katong development relaunched at $63 mil

At 52 to 62H Tanjong Katong Road, owners have relaunched the property for tender at a guide price of $63 million. Huttons Asia, the sole marketing agency for the site, notes that it received several offers for the walk-up development of 26 units when first put up for collective sale in July 2020, with an asking price of $65.5 million.

The land area of the property is approximately 32,397 ft and is zoned for residential purposes, with a gross plot ratio of 1.4 according to the 2019 Master Plan. This could potentially yield 45,356 ft of gross floor area which could provide the basis to build 49 residential apartments of around 915 sq ft each.

At a guide price of $63 million, the land rate is $1,401 psf per plot ratio (psf ppr) when taking into account the estimated land betterment charge of approximately $530,000. With a bonus of 7% balcony gross floor area, the rate could be reduced to $1,375 psf ppr.

The property is located within a 500m walk of Paya Lebar MRT Station and is only a 10-minute drive from the CBD. This makes it an attractive option for buyers looking for a new home in District 15. The area also features shopping malls such as PLQ mall, i12 and Parkway Parade, alongside recreational facilities such as the Singapore Sports Hub and East Coast Park.

Additional F&B and cafe offerings in the Katong and Joo Chiat areas provide an abundance of convenience for professionals and young couples. The tender for 52 to 62H Tanjong Katong Road closes May 9, at 2pm.

This comes following the success of the launch of Tembusu Grand, a 638-unit condo by City Developments and MCL Land, located on Jalan Tembusu, just off Tanjong Katong Road. In April 2021, the property saw 53% of its units sold at an average price of $2,456 psf.