At Marina Gardens Condo a guide price of $63 million, the owners of a four-storey walk-up development with 26-units at 52 to 62H Tanjong Katong Road in District 15 are relaunching the property for tender. Originally asking for $65.5 million when it was put up for collective sale in July of last year, the property failed to attract offers in line with the asking price.
With a land area of about 32,397 ft and a zoning that allows for a gross plot ratio of 1.4 under the 2019 Master Plan, this redevelopment could potentially have 49 residential apartments with an average size of 915 sq ft. Factoring in an estimated land betterment charge of approximately $530,000, the guide price translates to approximately $1,401 psf per plot ratio (psf ppr), potentially lowering to $1,375 psf ppr after factoring One Sophia in a 7% bonus balcony gross floor area.
Terence Lian, head of investment sales at Huttons Asia, the sole marketing agency for the property, believes that there will be significant interest from buyers looking to purchase in District 15. This is due to the recent success of the nearby 638-unit Tembusu Grand by City Developments and MCL Land, which saw a 53% sale of units at an average price of $2,456 psf during its launch weekend in April.
Located just a 10-minute drive away from the CBD and a 500m walk from Paya Lebar MRT Station, this slice of Tanjong Katong Road has a lot to offer in terms of convenience and lifestyle. Shopping malls such as PLQ mall, i12 and Parkway Parade are all in the vicinity, as well as recreational facilities such as the Singapore Sports Hub and East Coast Park. Just within a few kilometres are F&B and cafe offerings in the Katong and Joo Chiat areas. With amenities like these, Angela Lim, deputy head of investment sales at Huttons Asia, believes that the development will be popular with professionals and young couples.
The tender for the property closes on May 9 at 2pm.
An ideal location, numerous leisure and lifestyle options, as well as an attractive land rate, are all factors that suggest this development could be an attractive purchase. Young couples and professionals who are searching for a home in District 15 should definitely consider this.
The recent success of Tembusu Grand in the district is a strong indication that District 15 has become increasingly attractive for buyers. With such a good mix of retail, F&B and recreational offerings nearby, the 26-unit walk-up development at 52 to 62H Tanjong Katong Road is likely to receive keen interest from developers.