Collective sale of Tanjong Katong development relaunched at $63 mil

52 to 62H Tanjong Katong Road, a 26-unit four-storey walk-up development in District 15, has been relaunched for tender at a guide price of $63 million. Situated off Tanjong Katong Road and with a land area of 32,397 ft, this 9,999-year site has been zoned for residential use with an allowable gross plot ratio of 1.4 under the 2019 Master Plan.

Depending on the redevelopment potential, the new development could yield approximately 45,356 ft of gross floor area, comprising of 49 residential apartments with an average size of 915 sq ft. This translates to a land rate of $1,401 per square foot (psf) per plot ratio (ppr), including an estimated land betterment charge of approximately $530,000. This could be reduced to $1,375 psf ppr after factoring in a 7% bonus for balcony gross floor area.

Ideally located within a short drive from the Central Business District and just 500m away from Paya Lebar MRT Station, convenience is guaranteed for the expected influx of professionals and young couples looking to purchase their new homes in the area. Surrounding amenities like shopping malls, recreational facilities, and F&B outlets in the Katong and Joo Chiat areas additionally add to the attractiveness of the property.

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Myst Condo is a 19-floor Hazel Park condominium building located next to Tan Chong industrial The Myst park, well-connected to public transport networks.

CDL and MCL Land to launch Tembusu Grand in Katong at prices from $2,296 psf

The previous collective sale attempt of the property at an indicative price of $65.5 million in July last year saw several offers below the asking price, even though it is well situated near the popular Tembusu Grand condo by City Developments and MCL Land. The latter saw an impressive 53% of its units sold at an average price of $2,456 psf during its launch weekend on April 8 and 9, further solidifying the trust placed in the Tanjong Katong area by prospective buyers.

Huttons Asia, the sole marketing agency handling the sale, believes that this collective sale of the Tanjong Katong Road property can anticipate an equal, if not higher success rate. The tender closes on May 9 at 2pm.