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Freehold redevelopment site in Katong put up for tender
A 22,800-square-foot redevelopment site located in Katong has been put up for tender by expression of interest.
The freehold site, located at 12/A/B/C/D Amber Road, is zoned "residential" under the 2008 Master Plan, and has an allowable gross plot ratio (GPR) of 2.8.
According to the vendors' manager, the vendors decided to initiate this divestment exercise in the light of the news of the recent tender launch of Amber Park. The manager added that the vendors are motivated to sell, and are expecting offers in the region of S$60 million for the property, which translates to a land rate of approximately S$941 per square foot per plot ratio before factoring in development charges.
"For a redevelopment up to GPR 2.8, the development charges are estimated to be in the region of $18.47 million. A land price of $60 million would hence work out to a land rate in the region of $1,230 per square foot per plot ratio," said Yong Choon Fah, national director of capital markets, JLL.
The subject site is located approximately 150 metres from the future Amber MRT Station, which is expected to be operational in 2023. There are currently several vacant old houses located on the site. As these houses all belong to a single vendor, Strata Titles Board approval is not required for the purchase.
The tender closes on July 28, 2015, at 2.30pm.