Freehold plot in Katong, valued up to $61m, put up for sale

This article is more than 12 months old

A freehold plot in Katong has been put up for sale - another sign that the property sector is on the rebound.

Analysts expect keen interest for the site at 12 Amber Road, which is sandwiched between condominiums Amber Skye and King's Mansion. It is near the upcoming Tanjong Katong MRT station that will be on the Thomson-East Coast Line due for completion in 2023.

Marketing agent JLL said it anticipates offers between $56.6 million and $61m for the 22,800 sq ft plot. That would translate to about $1,199 to $1,268 per square foot per plot ratio.

Ms Yong Choon Fah, national director at JLL, said development charges were estimated to be in the region of $20m.

Prices of apartments in estates next to the site range between $1,800 and $2,000 psf.

"This plot stands out as one of the last remaining undeveloped plots along the stretch of Amber Road, a location known for its high-rise apartments and seaside living," said Ms Yong.

The site can be redeveloped into a project of about 24 to 26 storeys, she noted. It was put on the market by the executors of the estate of the late owner. Offers close at 2.30pm on Sept 21.- THE STRAITS TIMES