Katong residential property up for grabs

It could be redeveloped into a high-rise apartment with 26 storeys.

A freehold site along Amber Road has been put up for sale by expression of interest, JLL announced.

This plot of land is amongst the last remaining underdeveloped plots along the stretch of Amber Road. It is within close proximity ti the upcoming Tanjong Katong MRT station.

JLL national director Yong Choon Fah said under the 2014 Master Plan, the 22,800 sq ft site is zoned ‘Residential’ with an allowable gross plot ratio of 2.8.

"It may be redeveloped to accommodate a high-rise apartment development of about 24 to 26 storeys, depending on the technical height controls imposed by government departments,” she added.

The vendors of the site are expecting offers between $56.6m and $61m, reflecting an estimated land rate of about $1,199 psf ppr to $1,268 psf ppr.

Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area (GFA) of 63,820 sq ft into a maximum of 84 apartments with an average size of 70 sqm.

Depending on the proposed design and orientation of the building, the director explained some of the residential units could potentially enjoy partial sea views.

“A redevelopment project of this scale will appeal to the smaller or mid-sized developers or contractors, as the total land investment quantum, including development charges, would be below $100 million. We anticipate strong interest from developers and investors, both locally and regionally,” Yong noted.