Four-storey Katong Point up for sale at $100 mil
By Hailey Yu
/ EdgeProp Singapore |
Katong Point, up for sale at $100 million (Source: Cushman & Wakefield)
SINGAPORE (EDGEPROP) - Katong Point, a four-storey freehold commercial building with basement carpark, will be launched for sale at $100 million via tender on Oct 26, according to a press release from Cushman and Wakefield. Cushman and Wakefield is the sole marketing agent for the property.
Located on 451 Joo Chiat Road, Katong Point sits on a land area of 13,346 sq ft zoned for commercial use. It has a built-up area 47,540 sq ft and is fully occupied. An in-principle approval for further strata subdivision had been obtained. (Find Singapore commercial properties with our commercial directory)
Built in the late 1990s, Katong Point was formerly known as Katong Junction. It underwent $12.5 million of addition and alteration works in 2016 and was renamed to Katong Point. From 2020 to 2021, it went through another round of upgrading including unit reconfiguration, facade painting, electrical and plumbing works.
Recent commercial transactions within 1km of Katong Point (Source: EdgeProp LandLens)
“Katong Point is ideal for investors looking for palatable-sized freehold assets with a long-term stable income,” says Shaun Poh, executive director of capital markets at Cushman & Wakefield. “It has a catchment of families given its proximity to popular schools.”
Foreigners are eligible to buy, with no additional buyer's stamp duty and seller's stamp duty payable.
Located in the Joo Chiat/Katong heritage town, popular for its Peranakan culture, eateries and lifestyle spots, Katong Point offers F&B, lifestyle, wellness, education & childcare services to the Katong, Marine Parade and Mountbatten neighbourhoods. It is within walking distance of the upcoming Marine Parade MRT Station (on the Thomson-East Coast Line), scheduled to open in 2024.
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