Read article: Espada is selling a studio apartment for $1.48 million
The owners of the 26-unit walk-up project at 52-62H Tanjong Katong Road have put the property to tender for the value of $63 million.
The development’s four levels were first offered for sale at a suggested value at $65.5 million during July of last year. It received numerous offers lower than the asking price, claims the sole advertising agency Huttons Asia.
The site covers a land area of approximately 32,397 feet. It is designated for residential use and has an allowed total plot area ratio (GPR) of 1.4 in the Master Plan. Based on this it is expected to produce approximately 45,356 feet of floor area gross when it is redeveloped. The new project could include 49 apartments that have an average of 915 square feet.
The guide price corresponds to an average land cost of $1,401 psf/plot proportion (psf ppr) which includes an estimated land improvement charge of around $530,000. The land price could be reduced to $1,375 psf per plot after incorporating the 7% bonus gross floor area for the balcony.
“Tanjong Katong is always a popular area for those looking to purchase a new home within District 15. We anticipate that there will be a lot of interest from a variety of developers considering the rapid and buoyant sales of Tembusu Grand which is a good sign for the sale of the 9.999-year Tanjong Katong site,” says Terence Lian, head of investment sales at Huttons Asia.
Tembusu Grand Tembusu Grand, a 638-unit condo developed by City Developments and MCL Land is situated at Jalan Tembusu, close to Tanjong Katong Road. The development saw 54% in units selling for an average of $2,456 per sq ft the weekend of its launch on March 8-9.
52-62H Tanjong Katong Road is a 10-minute drive from the CBD and is just 500m from Paya Lebar MRT Station. Nearby amenities include shopping malls like PLQ mall as well as i12 as well as Parkway Parade. Additionally, recreation facilities like those at the Singapore Sports Hub and East Coast Park are located nearby and include F&B and cafés within the Katong as well as Joo Chiat areas.
“We think it will be a hit with young couples and professionals who want a lot of convenience, since it’s only five stops from City Hall Interchange and within an easy walk of Paya Lebar Commercial Hub, in which there is a fantastic variety in retail F&B along with recreational activities,” Angela Lim, director for investment sales in Huttons Asia, says.