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ABOUT THE EN BLOC SALES
Katong Park Towers en bloc is launched into tender sale on February this year. The tender which has a $288 million in asking price. The property is well-comprised of 116 units of residence. The property has a 140,758 square feet in land area.
This block of residence with two commercial units is built in 1988 with a 2.1 plot ratio and 325,151 square feet in gross floor area. This iconic residence has been one of the best in the area providing prime units and penthouses to its current inhabitants.
Katong Park Towers have a nice selection of units. During the launch, the property was eyed by the Bukit Sembawang Estates. It was then sold to its subsidiary with an enormous amount of $345 million, a 20% more than its original asking price.
Cushman and Wakefield was the one who brokered the sale. The property gathered interest from the subsidiary because of its excellent location in District 15.
The current owners are expected to receive around $2.25 to $3.23 million while the owners of the penthouses can bag a price from $4.95 and $12.08 million. It is a big jackpot for the owner of the biggest unit which is a penthouse as the unit is taking a generous amount of $12.08 million for the sole unit.
Bukit Sembawang Estates’ CEO, Nge Chee Seng said that they have seen an excellent potential on the site because of its close proximity to the upcoming station of Katong Park MRT.
The increase in the number of recent developments within the area creates a low impact on the price as the property has a reasonable and incredible baseline.
KATONG PARK TOWERS LOCATION
Katong Park Towers is located in an area in District 15 that is near the Singapore Sports Hub. The area has been in excellent growth due to the number of developments and establishments that are booming in the area. The District has been known for its vast number of leisure establishments that are within a close distance away.
Some of the best accessible sports amenities include the Onsight Climbing Gym, Singapore Badminton Hall, Marina Bay Golf Course, Geylang Sports & Recreation Centre, Water Sports Centre and Singapore Indoor Stadium.
Additionally, the presence of various shopping malls also provide the residing people to have all the fun and satisfying shopping experience that they deserve. Malls such as Katong Shopping Centre, Leisure Park Kallang, Tanjong Katong Complex, and Aperia Mall are among the nearest shopping centers in the area.
The Tanjong Katong area also has an astounding heritage which makes it ideal to be an address to the upcoming development that is planned by the Bukit Sembawang Estates. This lucky developer successfully achieved their goal of acquiring such an excellent site to be added to their exemplary list of portfolios.
The education of the people is also considered when the site was chosen. It has an extensive list of reputable schools that are known for their exemplary educational services. Schools ranging from the pre-school level up to the tertiary level. List of nearby schools includes Broadrick Secondary School, Kong Hwa School, Tanjong Katong Secondary School, Geylang Methodist Primary & Secondary School, Iroha Kindergarten, Chiltren House and Montessori for Children.
International schools are also in close proximity which allows for a much greater opportunity for the students to reach their peak of success. Schools like Eton-House Preschool, Canadian International School, Chatsworth International School and Eis International Pre-school.
Linking these establishments and amenities are a network of expressways and major roads that serve a convenient driving experience to the residents. The property is connected by Marina Coastal Expressway (MCE), Guillemard Road, East Coast Parkway (ECP) and Pan Island Expressway (PIE).
One of the reasons that the site gained interested is because of its distance to the upcoming Katong Park MRT. This station will deliver a lot of ease to the inhabitants. Other stations nearby include Mountbatten MRT, Dakota MRT, Kallang MRT and Aljunied MRT.
MODE OF TRANSPORT
- Katong Park MRT
- Aljunied MRT
- Pan Island Expressway (PIE)
- Kallang Expressway Expressway (KPE)
- East Coast Park
- Parkway Parade
- Kallang Wave Mall
- City Plaza
- Katong I12
- Katong Shopping Centre
POTENTIAL OF THE SITE
This development in District 15 has a very heritage which describes the successful growth of the area. The property was sighted with an excellent potential by the Bukit Sembawang Estates. The acquiring developer might redevelop the site into a 24-storey residential property with a gross plot ratio (GPR) of 2.1
Katong Park Towers is situated at an address in Arthur Road which is close to numerous amenities. Having a close distance to plenty of establishments creates more opportunity for the future development to have a successful sale.
The site area measures around 140,758 square feet and can be a home to a block of a residential building that can have a maximum number of units to 388. Having a high baseline, the developer will not need to have a development fee and no need to acquire special approval as to the use of the site. It is not affected by the obviously increasing redevelopment charges in the area.
The developer is ecstatic to see the swarming interest from potential buyers in its future development. They are confident that they will be able to achieve more than their target sales for the future units.
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