56 to 62H Tanjong Katong Road Collective Sale 2023

A residential development block located at 56 to 62H Tanjong Katong Road, has been put back up for collective sale at a reduced asking price of S$63 million.

It was originally listed for en bloc sale in July 2022 with a suggested price of S$65.5 million.

Huttons Asia, the hired marketing firm, reported that the owners of the four-storey walk-up development had received many bids that were lower than their initial asking price.

The land size of the 9,999-year leasehold plot is 3,009.8 square meters (sq m). It can yield 4,213.72 sq m of gross floor area after redevelopment with a plot ratio of 1.4.

This equals a land rate of S$1,401 psf ppr, which includes an anticipated land betterment charge of S$530,000.

Huttons said that after accounting for a 7% bonus balcony gross floor area, the land cost may be reduced to S$1,375 psf ppr.

The PLQ Mall and Paya Lebar MRT station are both close to the property.

The plot may develop 49 units with an average size of 85 square meters when it is rebuilt. Once the new project goes on sale, young couples and professionals are likely to enjoy it.

Terence Lian, head of investment sales at Huttons Asia, said that several developers are likely to show strong interest in this site given how Tembusu Grand, another property in District 15, saw brisk sales over the weekend.

During its debut weekend, the property sold 340 of its 638 apartments, for an average selling price of $2,465 per square foot.

The tender closing date for the 56–62H Tanjong Katong Road site is May 9, 2023, at 2:00 p.m.