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Katong Park Towers put up for en bloc sale with S$288m reserve price
KATONG Park Towers has been put up for collective sale with a reserve price of S$288 million or about S$1,165 per square foot per plot ratio, according to Cushman & Wakefield, the appointed agent for the property.
The minimal development charge for the site is about S$5.6 million for the additional 10 per cent bonus balcony and an estimated lease upgrading premium of some S$51 million, Christina Sim, director of capital markets at Cushman & Wakefield, said on Wednesday.
The residential development sits on a 99-year leasehold residential site with a land area of 13,076.9 square metres (about 140,758 sq ft). It is located at 114A Arthur Road, about 200 metres from the future Katong Park MRT Station, which is expected to be completed in 2023.
The site is zoned for residential use under the 2014 Master Plan, with a plot ratio of 2.1 and a maximum building height of up to 24 storeys.
Subject to approval from the relevant authorities, the site can potentially yield about 388 apartment units based on an average size of 70 sq m per unit, Cushman & WakeField said.
The tender will close on March 15 at 3pm.
According to Ms Sim, Katong Park Towers offers a compelling opportunity for the development of an exclusive condominium in an affluent and well-heeled neighbourhood within the charming heritage town of Katong.
The site is also within close proximity to Chung Cheng High School, Dunman High School and the Canadian International School.