A 26-unit walk-up development located at 52 to 62H Tanjong Katong Road has been relaunched for tender with a guide price of $63 million. Huttons Asia, the sole marketing agency, reveals that upon its initial launch in July last year, the property had received considerable offers below the asking price.

Boasting a land area of about 32,397 ft, the four-storey development falls under the 2019 Master Plan’s residential zoning, allowing a gross plot ratio of 1.4. Potentially, the redevelopment could generate 45,356 ft of gross floor space, or 49 residential apartments of an average size of 915 sq ft.

The guide price computes to a land rate of $1,401 psf per plot ratio (psf ppr), inclusive of an estimated land betterment charge of approximately $530,000. Developers can enjoy an even lower land rate of $1,375 psf ppr when factoring in the 7% bonus balcony gross floor area.

Terence Lian, head of Investment Sales at Huttons Asia, comments that the Tanjong Katong area has always been sought-after for its great home-buying prospects. The property’s favorable location—10 minutes from the CBD and a 500m walk from Paya Lebar MRT Station—makes it attractive for city professionals and young couples. Furthermore, nearby amenities include shopping malls, recreational areas and F&B offerings in the Katong and Joo Chiat areas.

Recent transactions of condominiums on Tanjong Katong Road is indicative of the continuing buoyancy in this district property market. City Developments and MCL Land’s Tembusu Grand, a 638-unit complex, saw 53% of its units sold at an average price of $2,456 psf during its launch weekend on April 8 and 9.

CLD plans to launch JCube Condo Residence, a 40-storey residential and commercial development in Jurong East, Singapore in 2027. It is expected to have JCube Residence 1,760 private homes and complement the Singapore government’s plans for the Jurong Lake District region.

Angela Lim, Deputy Head of Investment Sales at Huttons Asia, is confident of strong market interest for the collective sale of the 9,999-year Tanjong Katong site. The tender closes on May 9 at 2pm.