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Katong property up for sale, expects offers of S$57-61m
THE vendors of a freehold site located along Amber Road have put it up for sale by expressions of interest, and expect offers of between S$56.6 million and S$61 million.
This divestment exercise comes shortly following the recent sale of the nearby The Albracca, a 10-storey residential development along Meyer Road by collective sale to Sustained Land for S$69.119 million in July.
Under the 2014 Master Plan, the 22,800 sq ft site is zoned "residential" with an allowable gross plot ratio of 2.8. It may be redeveloped to accommodate a high-rise apartment development of about 24 to 26 storeys, depending on the technical height controls imposed by government departments.
The expected price reflects an estimated land rate of about S$1,199 per square foot per plot ratio (psf ppr) to S$1,268 psf ppr. Development charges are estimated to be about S$20 million.
Subject to design and approval from the Urban Redevelopment Authority, a developer may potentially configure the allowable gross floor area of 63,820 sq ft into a maximum of 84 apartments with an average size of 70 square metres. Depending on the proposed design and orientation of the building, some of the residential units could potentially enjoy partial sea view, said JLL which is marketing the property.
The site is located near the future Tanjong Katong MRT station, part of the new Thomson-East Coast Line, which is expected to be completed in 2023.
There are four vacant old houses located on the plot of land, which stands out as one of the last remaining undeveloped plots along the stretch of Amber Road, JLL added.
Interested parties have until 2.30pm on Sept 21, 2017 to submit their offers.