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 – a reflection of the potential it has to offer buyers. The site has a land area of approximately 32,397 ft and is zoned for residential use, allowing a potential gross floor area of 45,356 ft.
The guide price translates to a land rate of $1,401 psf per plot ratio, including an estimated land betterment charge of $530,000. This could be reduced to $1,375 psf ppr after factoring in a 7% bonus balcony gross floor area. Since the property is only a 10-minute drive from the CBD and a 500m walk from Paya Lebar MRT Station, apart from having nearby shopping malls and recreational facilities, it is expected to be a popular choice for both professionals and young couples looking for amenity-rich locations.
Receiving several offers below the asking price of $65.5 million when it was initially put up for collective sale in July, experts believe that with the brisk sales from the nearby 638-unit Tembusu Grand condo, there would be keen interest in this 9,999-year Tanjong Katong site. The Tembusu Grand saw 53% of units sold at an average price of $2,456 psf during its launch weekend on April 8 and 9.
The tender for the Tanjong Katong site closes on May 9 at 2pm. With its attractive location and potential, Huttons Asia, the sole marketing agent, is hopeful of a successful sale.