Katong residential site put up for sale by private seller, asking price $63 million

A residential site in Katong has been put on sale for at least $63 million by a private individual.

This translates to a selling price of $1,300 per sq ft (psf) per plot ratio (ppr) for the 22,800 sq ft site, including a potential development charge.

Sole marketing agent Jones Lang LaSalle (JLL) said that the sale price will also include two bungalows and two semi-detached houses, at 12A/B/C/D Amber Road, that sit on the site.

A development with a gross floor area (GFA) of up to 63,800 sq ft can be built on the plot, JLL said. This roughly translates into as many as 80 apartments.

A development charge of about $20 million will also be incurred, if the site is redeveloped up to its allowable gross plot ratio of 2.8.

Development charges reflect recent land and property values, and are payable for enhancing the use of some sites or or if a higher building can be erected after a change in the plot ratio.

JLL said the manageable selling price of the site would attract smaller and mid-sized developers, "given that the total land investment quantum, including development charges, is estimated to be in the region of $100 million or so".

Potential buyers may submit their offers by 2.30pm on Oct 2.