Property sector is on the rebound

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. Upcoming new launch condo include Parc Botannia condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences. Parc Botannia prices and Parc Botannia showflat will be available shortly.

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.