At 52 to 62H Tanjong Katong Road, the owners of a 26-unit walk-up development have relaunched the property for tender at a guide price of $63 million. The four-storey site, located in District 15, first had an asking price of $65.5 million last July and generated several offers below the figures.
Spread over 32,397 sq ft, the property has a land rate of $1,401 psf ppr – including an estimated land betterment charge of $530,000. This rate could be further lowered to $1,375 psf ppr once factoring in an added 7% bonus balcony floor area.
With a gross plot ratio of 1.4, the development has the potential to yield approximately 45,356 ft of gross floor area after improving the site. This could potentially have 49 residential apartments with an average size of 915 sq ft.
The collective sale property is situated in a desirable location. It enjoys a 10-minute drive away from the CBD and a 500m walk from Paya Lebar MRT Station. Additionally, it has nearby shopping malls, recreational facilities, F&B and cafe offerings within the Katong and Joo Chiat area.
“We expect that there would be keen interest from several developers in view of the brisk sale of Tembusu Grand,” shares Terence Lian, head of investment sales at Huttons Asia, referring to the 638-unit condo by City Developments and MCL Land.
Angela Lim, deputy head of investment sales at Huttons Asia adds: “We believe that it will be Marina Gardens Condo popular with professionals and young couples that prioritize convenience, being five stops to City Hall Interchange and within a stone’s throw to Paya Lebar Commercial Hub.”
The tender closes on May 9 at 2pm.
Recent transactions of condominiums around the area hint at the collective sale property’s potential. Tembusu Grand launched its units at an average price of $2,456 psf – with 53% of its units sold over the April 8 and 9 weekend.
This is the perfect opportunity for developers and homebuyers to look into investing in the area. With such convenience, abundant amenities and the space to expand, it is no wonder why the district is a popular choice.