Katong Shopping Centre up for collective sale at $638 mil
Katong Shopping Centre (Picture: Edmund Tie)
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SINGAPORE (EDGEPROP) - Katong Shopping Centre, a freehold mixed-use development on Mountbatten Road in District 15, has been launched for collective sale at a guide price of $638 million. The guide price works out to $2,277 psf per plot ratio (psf ppr) over the existing gross floor area, says marketing agent Edmund Tie & Co.
Katong Shopping Centre occupies a corner land plot of 86,924 sq ft, with a combined dual frontage of around 210m along Mountbatten Road and Haig Road. The building comprises a seven-storey podium block and a five-storey annexe block, housing a total of 425 strata shop and office units. There is also a privately-held carpark. In all, the building has a total gross floor area of about 280,000 sq ft, reflecting a gross plot ratio of 3.223.
Under Master Plan 2019, Katong Shopping Centre is zoned for “Commercial & Residential” use at a gross plot ratio 3.0. Edmund Tie notes that the site can be redeveloped into a landmark integrated development at its existing plot ratio of 3.223, with the option of converting the residential component into serviced apartments, subject to approval by the authorities. (Find Singapore commercial properties with our commercial directory)
Katong Shopping Centre (shown in gray) is close to a number of new and upcoming developments including Tembusu Grand (shown in purple), Amber Park (shown at the bottom in orange) and a Government Land Sale site at Jalan Tembusu (shown in blue) that can yield 840 units that's currently up for tender (Source: EdgeProp LandLens)
“For the residential component in the new development, the developer also has the option to develop serviced apartments, subject to planning approval. There is no restriction on foreign ownership of this freehold mixed-use site,” adds Swee Shou Fern, Edmund Tie’s head of investment advisory.
Swee highlights that the commercial component of the new integrated development at the site will benefit from a wide catchment of more than 6,000 private housing units within a radius of 500m. “The amenity-rich East Coast precinct has been one of the most desirable residential enclaves in Singapore and Katong Shopping Centre presents a rarely available freehold mixed-use redevelopment opportunity in this vicinity,” she continues.
The site is located about 500m away from the Marine Parade MRT Station on the Thomson-East Coast Line which will be operational in 2024. Nearby educational institutions include Tao Nan School and CHIJ (Katong) Primary, both within 1 km of Katong Shopping Centre, as well as Dunman High School, Chung Cheng High School, Victoria Junior College and Canadian International School.
Recent resale transactions at Katong Shopping Centre (Source: EdgeProp Research tool)
This is the third time owners of Katong Shopping Centre have put the development up for en bloc sale. The first attempt was in 2016, when it was put on the market with a reserve price of $630 million. A second collective sale attempt was made in 2017 at the same price. (See potential condos with en bloc calculator)
Interested parties are invited to submit their offer for Katong Shopping Centre by May 19 at 3pm.
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