Katong Park Towers for collective sale

Katong Park Towers, a 99-year leasehold condominium in Arthur Road, has been put up for collective sale with an indicative price range of S$330 million to S$340 million, sole marketing agent DTZ Debenham Tie Leung said yesterday.

According to the Master Plan 2008, the 140,758 sq ft site has a plot ratio of 2.1 and can be developed into a 24-storey condominium project with a maximum gross floor area of about 295,592 sq ft. At an average size of 70 sq m or 753 sq ft each, the site can yield about 392 homes, DTZ said.

The indicative price translates to about S$1,145 to S$1,178 per sq ft per plot ratio, including 10 per cent of balcony space, according to DTZ.

The tender closes on Nov 6.

The site, near the Mountbatten and Dakota MRT stations on the Circle Line, also enjoys good connectivity to other parts of Singapore via major roads and expressways such as Meyer Road, Nicoll Highway, ECP and KPE.

Mr Shaun Poh, DTZ’s Senior Director for Investment Advisory Services, said: “There has not been a sizeable plot of residential land in the Meyer/Arthur Road area for a while. Given its sought-after location, the site presents a rare opportunity for developers who are seeking prime residential redevelopments sites in the established District 15 location.”

Source : Today – 10 Oct 2012

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