http://www.straitstimes.com/premium/...-sale-20121010
Mountbatten condo up for collective sale
Published on Oct 10, 2012
A 30-YEAR-OLD condominium in Mountbatten has been put up for collective sale.
The project, Katong Park Towers, sits on 99-year leasehold land with a site area of about 13,077 sq m. The 118-unit condo is still occupied.
But soon, the site could be sold for between $330 million and $340 million, or $1,145 to $1,178 per sq ft per plot ratio (psf ppr), including 10 per cent of balcony space, sole marketing agent DTZ said in a statement yesterday.
The firm said the site can be developed into a 24-storey condo with a maximum gross floor area of about 27,462 sq m.
Assuming an average apartment size of about 753 sq ft, the developer will be able to build about 392 units.
The property is "nestled within a serene and tranquil neighbourhood along Arthur Road", DTZ said, adding it was a "well sought-after private residential enclave".
Mr Shaun Poh, DTZ's senior director for investment advisory services and auction, 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 redevelopment sites in the established District 15 location."
He added that the new development will appeal to locals and foreigners.
"The regular configuration of the site also allows the developer to maximise building efficiency and provides design flexibility for an iconic residential development," he added.
The property is near to amenities such as Parkway Parade, 112 Katong, East Coast Park and the upcoming Sports Hub in Kallang.
Eton International Pre-School, Dunman High School, Canadian International School and Chatsworth International School are also nearby.
The sale period opens today and closes on Nov6.
AMANDA TAN