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Katong Omega Apartments up for collective sale at S$41m

THE slew of recent enbloc sales of private apartments continues unabated with the latest addition of Katong Omega Apartments, up for collective sale with an indicative price of S$41 million.

Strata board approval is not needed for the sale as all 18 owners of the freehold District 15 residence at 357 East Coast Road have signed on, marketing agent Teakhwa Real Estate said in a press release on Wednesday.

The guide price translates into S$1,061.9 per square foot (psf) of potential gross floor area, including the differential premium of about S$0.48 million, subject to confirmation by relevant authorities.

The land rate will be reduced to S$1,021.5 psf if the 10 per cent bonus balcony gross floor area (GFA) is included.

The site is expected to fetch an average selling price of about S$1,750 to S$1,850 psf, said Teakhwa Real Estate's managing director Sieow Teak Hwa.

"For its freehold tenure, superb location and undemanding land rate expectation, we can expect very strong developers' interest for this rare site," he added.

The plot is zoned 'residential' and has a land area of around 27,902.4 sq ft, with a plot ratio of 1.4 and allowable height of up to 5 storeys.

The potential GFA is about 39,063.4 sq ft, Teakhwa said, which could yield 36 apartments of about 1,076 sq ft per unit for a new residential development.

Teakhwa highlighted the three to four minute walk from the development to the future Marine Terrace MRT station, currently scheduled for completion in February 2023.

Marina Bay, the Central Business District and Changi Airport are also 10 to 15 minutes away by car.

It is within one kilometre to Tao Nan and CHIJ (Katong) primary schools, and is near shopping malls like i12 Katong, Parkway Parade and Roxy Square.

The tender will be launched on Thursday, March 8, and close on April 5, 2018 at 3 pm.