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A 9,999-year leasehold site at Tanjong Katong will be put up for sale by real estate agency Huttons Asia Pte Ltd, for an indicative price of S$65.5 million.

According to a media release by Huttons Asia, the site houses an existing 4-storey walk-up development stretching from 56 to 62H Tanjong Katong Road and has been put up for collective sale.

It will be released for sale on Jul. 5, 2022, with the tender expected to close on Aug. 23, 2022, at 2pm.

Marked as residential site

The site has a land area of 3,009.8 m² (about 32,397 sq ft).

According to the URA Master Plan 2019, the developments are intended for residential development, with an allowable gross plot ratio of 1.4, which translates to a very low density.

The site has a 9,999-year lease, which is rare in Singapore.

9,999-year leasehold and 999-year leasehold properties are generally assumed to have comparable value to freehold properties in the Singapore context.

With a 9,999-year lease, a property can basically be passed on for multiple generations.

Singapore has stopped granting new 999-year leases, according to Property Guru, and the most common lease is now the 99-year leasehold tenure.

According to the media release, the land can yield 4,213.72 m² (about 45,356 sq ft) of gross floor area upon redevelopment, which would translate to a land rate of S$1,454 price per sq ft per plot ratio.

Redevelopment of the site can yield 49 residential apartments with an average size of 85 m². It could also be developed into serviced apartments, subject to approval from the URA.

The units are conveniently located near Paya Lebar MRT Station, an interchange station on the East-West Line (EWL) and Circle Line (CCL).

Several shopping malls and amenities, such as PLQ Mall, Kinex, i12, and Parkway Parade, are also in the area.

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Top image via Google Maps