Katong Shopping Centre In Another En Bloc Attempt
SINGAPORE – Marketing agent Edmund Tie announced that Katong Shopping Centre, a mixed-use project with office space in District 15, has been relaunched for collective sale via an expression of interest (EOI) exercise, reported The Edge on Monday evening (10 July, SGT).
However, the freehold development’s guide price remains at S$638 million, which is the same for its prior tender that was launched on 18 April and subsequently closed on 19 May. The indicative price also translates to 2,277 psf per plot ratio based on the asset’s existing gross floor area (GFA) of around 280,000 sq ft, which works out to a gross plot ratio of 3.223.
Located at 865 Mountbatten Road, Katong Shopping Centre consist of a 5-storey annex block and a 7-storey podium block that contains a total of 425 strata shops & office units, in addition to a privately-owned car park.
The commercial property stands on a corner site measuring 86,924 sq ft that enjoys dual frontage along Haig Road and Mountbatten Road. Overall, the frontage has a length of 210 metres.
Under the 2019 Master Plan, the Katong Shopping Centre is zoned for “Commercial & Residential” use with a gross plot ratio 3.0. Nonetheless, Edmund Tie disclosed that the project can be redeveloped into an 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 relevant government agencies.
Apart from being close to the upcoming Marine Parade MRT Station that will start operating next year, the commercial property is near learning institutions, such as Tao Nan School and CHIJ (Katong) Primary. It’s also relatively close to Dunman High School, Victoria Junior College, Chung Cheng High School, and Canadian International School.
“Katong Shopping Centre offers investors a rarely available, sizeable site with the coveted freehold tenure for a mixed-use development; what’s more in the popular and well-established East Coast vicinity,” added Swee Shou Fern, Head of investment advisory at Edmund Tie.
The EOI exercise for the mixed-use commercial property closes at 3pm on 14 August 2023.
