PROJECT DETAILS
Singapore-listed Bukit Sembawang Estates purchased the 117-unit, 99-year leasehold Katong Park Towers en bloc for $345 million, some 20% above the reserve price of $288 million. At the close of the tender on March 15, a total of 10 bids were received, and were all above the reserve price, says Christine Sim, director of capital markets at Cushman & Wakefield, who brokered the sale.
Bukit Sembawang’s purchase price translates to $1,280 psf per plot ratio after factoring in $60 million lease upgrading premium. Katong Park Tower can be redeveloped into a new residential development with a plot ratio of 2.1 and a maximum building height of 24 storeys. The site is located about 200m from the future Katong Park MRT station and is not affected by the traffic impact study. Nestled in low-rise landed houses along Meyer and Mountbatten Roads, and will offer rare, unobstructed panoramic views of the city skyline.
New Condo Launch at former site of Katong Park Towers- Connectivity
Residents of new and upcoming condo at Katong Park can be served by the Katong Park MRT Station (Thomson East-Coast Line) which will start operating in 2023. As of now, the current nearest Datoka Circle Line MRT station is just a short drive away from new condos at Meyer Road. Set in the prime location, a 5 minutes’ drive will get future residents of new condos at Meyer Road to the downtown Financial District and Marina Bay New Downtown. New Condo at Katong Park residents can also take an 6 minutes’ drive down to the Orchard Shopping Belt for a weekend shopping spree. The nearby East Coast Parkway (ECP), Kallang Paya Lebar Expressway (KPE) and the Pan Island Expressway (PIE) makes island wide traveling a breeze.
New Condo Launch at former site of Katong Park Towers- Amenities
In terms of accessing to dining, shopping and entertainment facilities, future residents of new condo at former site of Katong Park Towers can take a 5 minutes’ drive down to Katong Shopping Centre, The Odeon Katong, Paramount Shopping Complex, Roxy Square, Parkway Parade, I12 Katong and Leisure Park Kallang where useful amenities such as food courts, supermarkets, retail outlets, F&B outlets and departmental stores are located which will bring everyday conveniences in terms of their daily shopping and dining needs.
New Condo Launch at former site of Katong Park Towers- Education
Local school such as Tanjong Katong Primary School, Kong Hwa School, Chung Cheng High School (Main), Dunman High School, Northlight School, Tanjong Katong Girls’ School, Broadrick Secondary School and Tanjong Katong Secondary School are also located within 2 km away from New Condo at former site of Katong Park Towers.
There is an increasing convergence of views among developers that the down cycle, which lasted over four years, has turned a corner, and that it’s time to be back.
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| Project | New Condo at former site of Katong Park Towers |
| Developer | Bukit Sembawang |
| Location | 114A, Arthur Road |
| District | 15 |
| Tenure | 99 years leashold |
| Site Area | 140,758 square feet |
| GFA: | |
| Plot Ratio | 2.1 |
| Expected TOP: | |
| Total Units | Approximately residential apartments |
| Total Carpark | |
| Development | Private condominium comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigners can buy |
| Arthur Road New Condo Unit Mix Distribution | |||
|---|---|---|---|
| Unit Type | Type | Area (Square Feet) | Total No. of Units |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Arthur Road New Condo Facilities | |||
TBA
|
|||
| Arthur Road New Condo Price List | |||
|---|---|---|---|
| Unit Type | Area (Square Feet) | Pricing | PSF |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
LOCATION and AMENITIES
Amenities Nearby New Condo at Arthur Road
| Category | Important Amenities in the vicinity of Arthur Road | Approximate Distance |
| Train Stations | Dakota (CC8) Tanjong Katong (TE25) Thomson East Coast Line Due 2023 Katong Park (TE24) Thomson East Coast Line Due 2023 |
km km km |
| Bus Stop | CP B1 (Bus: 401) | km |
| Supermarkets | Fairprice (Esso Mountbatten) Cold Storage (Parkway Parade) Giant (82 Marine Parade Central) Sheng Siong (301 Geylang Road) |
km km km km |
| Shopping Malls | Katong Shopping Centre The Odeon Katong Paramount Shopping Complex Roxy Square Parkway Parade I12 Katong Leisure Park Kallang |
km km km km km km km |
| Education Institutions | Preschool | |
| Montessori For Children (Broadrick Campus) Schoolhouse By The Bay PCF Mountbatten Blk 14 PCF Mountbatten Blk 51 Saint Hilda’s Church Kindergarten Kinderland Preschool (Marine Parade) Tung Ling Kindergarten White Lodge Kindergarten (East Coast) Holy Family Kindergarten Chen Li Kindergarten |
km km km km km km km km km km |
|
| Primary | ||
| Tanjong Katong Primary School Kong Hwa School |
km km |
|
| Secondary | ||
| Chung Cheng High School (Main) Dunman High School Northlight School Tanjong Katong Girls’ School Broadrick Secondary School Tanjong Katong Secondary School |
km km km km km km |
|
| Junior College | ||
| Dunman High School | km | |
| Tertiary | ||
| Singapore Management University | km | |
| International | ||
| Canadian International School (Tanjong Katong Campus) Chatsworth International School (East Campus) |
km km |
|
| Food Centre | Jalan Batu Block 4A Market & Food Centre Old Airport Road Block 51 Market & Food Centre Kallang Estate Fresh Market & Food Centre 84 Marine Parade Central Market & Food Centre Dunman Food Centre |
km km km km km |
| Lifestyle | East Coast Park Chinese Swimming Club Singapore Swimming Club The Eurasian Association Kallang Cricket Ground Kallang Netball Centre Kallang Squash & Tennis Centre |
km km km km km km km |
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KATONG PARK TOWERS SOLD TO BUKIT SEMBAWANG FOR S$345 MILLION
The windfall a collective sale can bring to lucky home owners can be seen in stark terms in the sale of Katong Park Towers, a 99-year leasehold condominium that has seen better days.
The owner of the biggest penthouse in the development will rake in $12.08 million after a unit of Bukit Sembawang Estates bought the estate for $345 million.
That was about 20 per cent above the reserve price of $288 million. Indeed, all 10 bids were above this reserve price.
The four other penthouse owners can expect proceeds starting from $4.95 million.
"These premiums are fairly substantial, compared to units which were sold individually in the open market," said Cushman & Wakefield, which brokered the deal.
Other owners will receive proceeds ranging from $2.25 million to $3.23 million, depending on their floor area and size.
Katong Park Towers comprises 111 standard apartments, five penthouses and two commercial units, all on a land area of 140,758 sq ft.
It is about 200m from Katong Park MRT, which is slated for completion in 2023.
The site has a plot ratio of 2.1 and a maximum building height of 24 storeys. The site is not affected by any traffic impact study.
The recent increase in development charges in this precinct has minimal impact on the price as Katong Park Towers has a fairly high base line.
Bukit Sembawang Estates chief executive Ng Chee Seng said: "We are pleased to be awarded this coveted residential address in a prime district.
"Our planned development is nestled in low-rise landed houses along Meyer and Mountbatten roads, and will offer rare, unobstructed panoramic views of the city skyline.
"We see good potential in this site because it is well connected to the future Katong Park MRT station.
"With Katong's rich heritage and rejuvenation initiatives under the Kallang Masterplan, we are confident this will be another quality development added to our portfolio."
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