[UPDATE] Katong Plaza launches third collective sale attempt at $188 mil
By Timothy Tay
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Katong Plaza at 1 Brooke Road has launched its third collective sale attempt.
The development has entered its second collective sale exercise, and close to 90% of owners have consented to the sale. The first launch was in June 2018 when the building was being marketed as a commercial and residential mixed-use development. Subsequently, it was launched in March 2019 after obtaining an in-principle approval from URA for hotel use.
Huttons Asia, the sole marketing agency for the sale, has now relaunched the site for sale, following an outline planning permission for hotel use granted by URA on 11 September 2019. The property sits on a 34,044 sq ft site with a 9,999-year leasehold tenure, which can be turned into an 18-storey hotel with 345 rooms and 10,125 sq ft of commercial space.
The guide price for the development remains unchanged at $188 million, which translates to a land rate of $1,947 psf per plot ratio (ppr), after factoring in an estimated development charge of $10.8 million.
Katong Plaza is attempting another collective sale for $188 million, which translates to a land rate of $1,947 psf ppr (Picture: Samuel Issac Chua/EdgeProp Singapore)
The property can be turned into an 18-storey hotel with 345 rooms and 10,125 sq ft of commercial space. According to Angela Lim, deputy head of investment sales at Huttons, "the site will also offer great convenience to travellers as it is close to the upcoming Marine Parade MRT Station, as well as Paya Lebar Commercial Hub, MICE venues and Changi Airport. Based on Singapore Tourism Board’s projections, international visitor arrivals are expected to reach 19.2 million in 2019, with a further 3% growth forecast for 2020. Hoteliers are responding to this expected forecast as can be seen by the recent increase in acquisitions of land for hotel use."
Terence Lian, head of investment sales at Huttons Asia, says: “In order to differentiate this new hotel from other hotels in the vicinity, we worked closely with an architect to come up with an exciting design and concept for a new signature hotel in the heart of Katong.”
An artist impression of the redeveloped Peranakan-themed hotel (Picture: Dots Studios)
The architect is Dots Studios, which has designed an experiential and activity-based Peranakan-themed hotel, taking into consideration the shape of the land. This includes colourful Peranakan-inspired tiles for the walkways, as well as Peranakan motifs on screens. The ground floor will feature a Peranakan food street and al fresco dining, and other local cuisines will be featured on the second floor. The third floor will include an “edible garden” as part of a “farm-to-table” concept.
Singapore’s hotel investment sales remains strong with high demand due to the limited supply in the near future, and a hotel investment will provide developers an opportunity to grow their recurring income. It also presents a potential for capital appreciation as the hotel properties are tightly held, says Lian.
The public tender for the collective sale closes on Dec 19.
For price trends, recent transactions, other project info, check out the Katong Plaza project research page
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Check out the latest listings near Katong Plaza and MRT Stations
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