SINGAPORE, 31 January 2018 – Katong Park Towers at 114A Arthur Road, Singapore 439826, located in the exclusive residential enclave of Arthur Road and Meyer Road, has been put up for collective sale. Cushman & Wakefield, the appointed agent for the property has garnered the requisite 80% consensus by share value and strata area for the tender launch.
Located approximately 200 metres from the future Katong Park MRT Station, which is slated for completion in 2023, Katong Park Towers is a prime 99-year leasehold residential site comprising a land area of 13,076.9 sq m (approximately 140,758 sq ft). According to Singapore’s 2014 Master Plan, the site is zoned “Residential” with a plot ratio of 2.1 and a maximum building height of up to 24 storeys. Subject to approval from the relevant authorities, the site can potentially yield about 388 apartment units based on an average size of 70 sq m per unit.
The property is less than 10 minutes’ drive from the Central Business District (CBD) via Mountbatten Road/Nicholl Highway or via the East Coast Parkway (ECP).
According to Ms. Christina Sim, Director of Capital Markets at Cushman & Wakefield, 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.
“At the reserve price of S$288 million with a minimal development charge of about S$5.6 million for the additional 10% bonus balcony and an estimated lease upgrading premium of some S$51 million, the land rate for the site will come up to approximately $1,165 per sq ft per plot ratio,” noted Ms. Sim.
The tender will close on 15 March 2018 (Thursday) at 3.00pm.
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About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.