Located close to a future MRT station, the property has a reserve price of $288 million. (Photo: Cushman & Wakefield)
Offering a compelling opportunity for the development of an exclusive condominium within an affluent neighbourhood in Katong, Katong Park Towers has been put up for en bloc sale carrying a reserve price of $288 million, reported the Business Times.
Marketing agent Cushman & Wakefield said the price works out to a land rate of $1,165 psf per plot ratio (psf ppr).
There is a small development charge of around $5.6 million for the site’s additional 10 percent bonus balcony space and a lease upgrading premium of around $51 million, revealed Cushman & Wakefield’s capital markets director Christina Sim.
With a land area of about 140,758 sq ft, the 99-year leasehold site is located at 114A Arthur Road, near the future Katong Park MRT station, which is slated for completion in 2023. It is zoned for residential use with a plot ratio of 2.1 under the 2014 Master Plan and has a maximum building height of 24 storeys.
Cushman & Wakefield noted that the site could yield around 388 housing units with an average size of approximately 753 sq ft each, subject to the relevant authorities’ approval.
It is also close to various schools including Dunman High School, Chung Cheng High School and the Canadian International School.