Tanjong Katong walk-up apartments attempt collective sale again with lower price of S$63 million

A TANJONG Katong apartment block, comprising 26 units, has been relaunched for collective sale at a lower asking price of S$63 million. 

Located in District 15, 56 to 62H Tanjong Katong Road was first put up for sale with an indicative price of S$65.5 million in July 2022. 

Marketing agency Huttons Asia on Tuesday (Apr 11) said that the owners of the four-storey walk-up development had received several offers which were below the original asking price.

The 9,999-year leasehold site has a land area of 3,009.8 square metres (sq m). With a plot ratio of 1.4, it can yield approximately 4,213.72 sq m of gross floor area upon redevelopment.

This translates to a land rate of S$1,401 per square foot per plot ratio (psf ppr) including an estimated land betterment charge of approximately S$530,000. 

Huttons said the land rate could be lowered to S$1,375 psf ppr after factoring in a 7 per cent bonus balcony gross floor area. 

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The development is within walking distance of Paya Lebar MRT station and PLQ Mall.

When redeveloped, the site can yield 49 apartments with an average size of 85 sq m. It is expected to be popular with professionals and young couples.

Terence Lian, Huttons Asia’s head of investment sales, said keen interest from several developers is expected in view of how Tembusu Grand, another development located in District 15, saw brisk sales over the weekend. 

The project sold 340 of its 638 units at an average selling price of S$2,465 psf during its launch weekend. 

The tender for the Tanjong Katong walk-up development will close at 2 pm on May 9, 2023.