Katong Park Towers sold for $345m

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.”

The sale is subject to approval from the Strata Titles Board.