At 52 to 62H Tanjong Katong Road in Singapore, a four-storey development of 26-units has been relaunched for tender at a guide price of $63 million. With a land area of 32,397 ft, it has the potential to yield a gross floor area of 45,356 ft upon redevelopment, with an allowable gross plot ratio of 1.4 under the 2019 Master Plan. This would likely create 49 residential apartments with an average size of 915 sq ft. It is situated a 500m walk from Paya Lebar MRT Station, making it ten minutes away from the CBD.
The guide price works out to a land rate of $1,401 psf per plot ratio (psf ppr), with an estimated land betterment charge of $530,000 taken into account. When factoring in a 7% bonus balcony floor area, this could be lowered to $1,375 psf ppr.
Terence Lian, head of investment sales at Huttons Asia, the sole marketing agency of this property, said the location of Tanjong Katong makes it a prime choice for those looking for a new home. This is proven by the sales performance of Tembusu Grand, a 638-unit condominium by City Developments and MCL Land located off Tanjong Katong Road, which saw 53% of units sold at an average price of $2,456 psf during its launch weekend.
Meanwhile, the area offers recreational facilities such as the Singapore Sports Hub and East Coast Park, alongside abundant retail, F&B, and cafe offerings in Katong and Joo Chiat. The tender closes on May 9th at 2pm.
Angela Lim, deputy head of investment sales at Huttons Asia, believes that the property will be popular with professionals and young couples alike, given its proximity – just five stops from City Hall Interchange – to the Paya Lebar Commercial Hub.
The initial sale for this property was launched in July last year with an indicative price of $65.5 million, but it only drew offers below this asking price. When the opportunity arises again, it is expected to spark keen interest from several developers, given the flourishing sales of Tembusu Grand.