Cushman & Wakefield, together with the Collective Sale Committee have secured approval for the redevelopment of Katong Shopping Centre for commercial and serviced residence use. The reserve price remains the same at $630 million, which translates to a land price of $2,248 per square foot of gross floor area.

Although the current master plan zoning for Katong Shopping Centre is commercial and residential with a plot ratio of 3, approval has been given for the development of a brand new mall with serviced residences at a plot ratio of 3.223.

Katong Shopping Centre is sited at the eastern end of Mountbatten Road leading to East Coast Road on an 86,924 sq ft freehold land. It is close to regional business hubs in Paya Lebar and Changi Business Park. It is also within walking distance to the upcoming Tanjong Katong and Marine Parade MRT stations of the upcoming Thomson-East Coast line.

Cushman & Wakefield is the exclusive marketing agent and the tender exercise closes on March 13.