Owners of a recently-launched 26-unit walk-up development at 52 to 62H Tanjong Katong Road in Singapore are now looking to put their property up for collective sale, this time with a guide price of $63 million. This is lower than the initial asking price of $65.5 million that was set in July of last year.
Sole marketing agency Huttons Asia received multiple offers below the initial asking price upon the first launch of the property, with the area having a land area of about 32,397 ft and a Potential Gross Floor Area of 45,356 ft. The guide price translates to $1,401 psf ppr with an estimated land betterment charge of $530,000.
That rate could be further lowered to $1,375 psf ppr when the 7% bonus balcony gross floor area is factored in. This could then yield around 49 residential apartments in the new development, with units having an average size of 915 sq ft.
The property is located in District 15, Tanjong Katong, which has always been a premier destination for housing buyers due to its closeness to the CBD, as well as its 500m walk to Paya Lebar MRT Station.
Accompanying convenience like retail stores, F&B outlets, cafes and recreational facilities such as the Singapore Sports Hub and East Coast Park only make this area even more attractive and sought-after.
Terence Lian, head of investment sales at Huttons Asia, believes that plenty of developers would come forward with their offers towards the property, citing the great success of Tembusu Grand, a 638-unit condo located on Jalan Tembusu just off Tanjong Katong Road which sold 53% of its units in an average price of $2,456 psf at its launch weekend.
“We expect that there would be keen interest from several developers in view of the buoyant and brisk sale of Tembusu Grand, which bodes well for the collective sale of this 9,999-year Tanjong Katong site,” Lian says.
Deputy Head of Investment Sales at Huttons Asia, Angela Lim, believes that the potential development would be popular amongst young couples and professionals due to the array of convenient amenities present, as it is within a distance of five stops to City Hall Interchange and close to the Paya Lebar Commercial Hub.
The tender for 52 to 62H Tanjong Katong Road closes on May 9 at 2pm.