Katong Plaza approved for hotel use, launches fourth collective sale at $188 mil
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
The Katong Plaza site has been approved for hotel development use, and is estimated to yield up to 300 to 340 rooms (Photo: Huttons Asia)
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SINGAPORE (EDGEPROP) - The Katong Plaza shopping centre at 1 Brooke Road, off Mountbatten Road, will be launched for collective sale on May 30. The freehold property sits on a land area of 34,044 sq ft and has a maximum gross floor area of 102,132 sq ft, with a plot ratio of 3.0. The guide price of $188 million translates to $1,901 psf per plot ratio, after factoring a land betterment charge estimated at $6 million.
Located in prime district 15, the property has obtained URA outline planning permission for a hotel development, according to Terence Lian, Huttons Asia’s head of investment sales, the sole marketing agency. He estimates that the new hotel could yield between 300 and 340 rooms.
The site sits just 120m from the Marine Parade MRT station on the Thomson-East Coast Line, which is slated to open in June. It is also adjacent to Roxy Square shopping mall and across the road from Parkway Parade mall.
Developers will have the opportunity to create “a one-of-a-kind” hotel, leveraging on the charm of the Katong area, that caters to both tourists and business travellers, adds Lian.
This will be the fourth collective sale attempt by the owners of Katong Plaza, a commercial and residential mixed-use development. Its third attempt was in October 2019 at the same guide price of $188 million. In-principle approval for hotel use from URA had already been obtained prior to its second collective sale attempt in March 2019. The mixed-use development was first launched for collective sale in June 2018.
The collective sale tender will close on July 25.
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