Katong Park Towers (pictured), a 30-year-old 118-unit condominium in the Mountbatten area is up for collective sale at around S$330 million to S$340 million, according to sole marketing agent DTZ.
This works out to between S$1,145 and S$1,178 psf ppr, including 10 percent of balcony space. The site could be developed into a 24-storey condo with a maximum gross floor area (GFA) of approximately 27,462 sq m, reported The Straits Times.
Moreover, the developer can build up to 392 units, assuming that an average apartment is around 753 sq ft in size.
Shaun Poh, Senior Director for Investment Advisory Services and Auction at DTZ said there has not been a “sizeable plot of residential land in the Meyer/Arthur Road area for a while”.
As such, the property offers “a rare opportunity for developers who are seeking prime residential redevelopment sites in the established District 15 location”.
“The regular configuration of the site also allows the developer to maximise building efficiency and provides design flexibility for an iconic residential development,” said Poh, adding that the new development will appeal to both locals and foreigners.
Katong Park Towers is also within close proximity to notable schools, Parkway Parade, 112 Katong, East Coast Park and the upcoming Sports Hub in Kallang.
The collective sale will close on 6 November.
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