Enbloc news: Katong Park Towers

Katong Park Towers, a 30-year-old condominium in Mountbatten, has been put up for collective sale.

The development has 118 units and sits on 99-year leasehold land with a site area of about 13,077sqm. It could soon be sold for between $330 million and $340 million, or $1,145to $1,178psf ppr, including 10% of balcony space, said sole marketing agent DTZ.

The firm said the site can be redeveloped into a 24-storey condo with a maximum gross floor area of about 27,462sqm. And assuming an average apartment size of about 735sqft, the developer will be able to build about 392 units.

The property is "nestled within a serene and tranquil neighbourhood along Arthur Road", DTZ said, adding it was a "well sought-after private residential enclave".

The property is near to amenities such as Parkway Parade, 112 Katong, East Coast Park and the upcoming Sports Hub in Kallang. Eton International Pre-School, Dunman High School, Canadian International School and Chatsworth International School are also nearby.

As such, the new development should appeal to both locals and foreigners.

The tender closes on Nov 6.

Source: One of our local "non-free" newspaper

The wife and I have actually contemplated about buying a unit at Katong Park Towers about 5 years ago. We had arranged for a viewing one evening but when we arrived at the gate and told the guard on duty that we were there to view a unit, the guard actually advised against buying into the development. Apparently, water seepage within the apartments was a major issue then. We weren't sure if he was just a disgruntled employee or really telling the truth. But even if it's the later, maybe the problem had long been resolved since then...