Katong Park Towers put up for en bloc sale with S$288m reserve price
Thu, Feb 01, 2018
Navin Sregantan
KATONG Park Towers has been put up for collective sale with a reserve price of S$288 million or about S$1,165 per square foot per plot ratio (psf ppr), according to Cushman & Wakefield, the appointed agent for the property.
The minimal development charge for the site is about S$5.6 million for the additional 10 per cent bonus balcony and an estimated lease upgrading premium of some S$51 million, Christina Sim, director of capital markets at Cushman & Wakefield, said on Wednesday.
The residential development sits on a 99-year leasehold residential site with a land area of 13,076.9 sq m (about 140,758 sq ft).
It is located at 114A Arthur Road, about 200 m from the future Katong Park MRT Station, which is expected to be completed in 2023.
The property is also within a 10 minute drive from the Central Business District (CBD).
The site is zoned for residential use under the 2014 Master Plan, with a plot ratio of 2.1 times and a maximum building height of up to 24 storeys.
Subject to approval, the site can potentially yield about 388 apartment units based on an average size of 70 sq m per unit, Cushman & WakeField said.
The tender will close on March 15 at 3 pm.
According to Ms Sim, Katong Park Towers offers a compelling opportunity for the development of an exclusive condominium in an affluent and well-heeled neighbourhood within the charming heritage town of Katong. The site is also within close proximity to Chung Cheng High School, Dunman High School and the Canadian International School.