_Tanjong Katong freehold residential site Roselane Court relaunched for sale
Singapore – International property consultancy Knight Frank Singapore, as the exclusive marketing agent, is pleased to announce that Roselane Court will be re-launched for sale by public tender on 2 January 2024, offering developers an opportunity to acquire a boutique residential collective sale site located in the Tanjong Katong area.
Roselane Court has a land area of 1,119.9 square metres (sqm) or approximately 12,054 square feet (sq ft). It is zoned ‘Residential’ with a Gross Plot Ratio of 1.4 under the Master Plan 2019. An estimated 18 new residential units with an average size of 85 sqm can be developed on the site, subject to approval from the relevant authorities.
In addition, an adjoining private remnant land lot with a land area of 50.6 sqm or approximately 545 sq ft may potentially be amalgamated with the plot, subject to authorities’ approval.
The guide price for the property is S$23 million which translates to a land rate of approximately S$1,320 per square foot per plot ratio (psf ppr) taking into consideration the adjoining private remnant land, factoring in a land betterment charge and providing for the 7% bonus gross floor area allowed for balconies.
Ms Chia Mein Mein (谢敏敏), Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore (主管, 房地产与集体销售, 资本市场部, 莱坊) commented, “Roselane Court appeals with its strategic location amid the popular Tanjong Katong neighbourhood in prime District 15, an area with a rich cultural heritage. It presents a rare opportunity for developers to acquire a prime site for redevelopment into boutique residential apartments that cater to homebuyers who value the convenience that comes with a city fringe location together with the serene environment that the property has to offer.”
The site is situated in a popular residential neighbourhood favoured by locals and expatriates. It is nestled within a tranquil residential enclave off Tanjong Katong Road, within easy access to commercial conveniences. The plot is within walking distance to two Mass Rapid Transit (MRT) stations – Dakota (Circle Line) and Paya Lebar (East-West Line/Circle Line).
The neighbourhood is well-served by a diverse range of dining, retail and recreational amenities including Paya Lebar Quarter Mall, Paya Lebar Square, Singapore Post Centre, Kinex, the Old Airport Road Food Centre and Haig Road Market and Cooked Food Centre. The Singapore Sports Hub, Leisure Park Kallang and recreational amenities at the Marina Promenade are a short drive away. Well-known schools such as Kong Hwa School, Tanjong Katong Primary School and Haig Girls’ School are located within a one-kilometre radius, while Tao Nan School and CHIJ (Katong) Primary School are nearby.
The Paya Lebar area is set to witness transformation over the longer term following the relocation of Paya Lebar Air Base and its surrounding industrial developments that will make way for urban rejuvenation to a new town from 2030.
District 15 emerged as the most active district in the new sale market in 2023 and remains a choice location for homebuyers. Of the 6,987 new residential sale caveats lodged islandwide, 20% (1,399 units) were registered in the district. The strong appeal of the east was reflected in the strong demand for newly launched projects like Grand Dunman, Tembusu Grand, The Continuum and Liv@MB.
Both Tembusu Grand and Grand Dunman which are 99-year leasehold developments, received healthy take-up with 60% of the units sold at average prices of approximately $2,460 psf and $2,520 psf respectively. Freehold development The Continuum registered an average price of approximately $2,740 psf.
Ms Chia added, “Boutique residential sites remain attractive to developers, given their attractive price quantum, lower development risk profile and faster turnaround time. With Roselane Court’s desirable site attributes, we anticipate keen interest in this tender.”
The tender for Roselane Court will close on 12 January 2024, Friday at 3:00pm.
For further information, contact:
Chia Mein Mein
Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore
meinmein.chia@sg.knightfrank.com | +65 9117 4522 | +65 6228 6868
Lilian Hoe
Director, Marketing, Communications, Legal and Compliance, Knight Frank Singapore
lilian.hoe@sg.knightfrank.com | +65 9622 9550 | +65 6228 6807
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