Katong Shopping Centre Up for Grabs For S$638m
SINGAPORE – Marketing agent Edmund Tie & Co announced that mixed-use commercial property Katong Shopping Centre in District 15 has been put up for en bloc sale with an indicative price of S$638 million, reported The Edge on Tuesday afternoon (18 April, SGT).
The guide price translates to S$2,277 psf per plot ratio based on the freehold development’s existing gross floor area (GFA) of 280,000 sq ft. It stands on a corner site measuring 86,924 sq ft, with a combined dual frontage of about 210m along Haig Road and Mountbatten Road. The commercial property also has an existing gross plot ratio of 3.223.
Notably, Katong Shopping Centre consists of a 7-level podium block and a 5-storey annex that houses 425 strata-titled office units and shop units. It also contains a privately-held carpark.
Under the 2019 Master Plan, the property’s site is zoned for commercial and residential use with a gross plot ratio of 3.0. The marketing agent said the property can be redeveloped into an integrated project at its existing gross plot ratio with the option of turning the residential component into serviced apartments, subject to approval by the relevant government agency.
Swee Shou Fern, Head of investment advisory at Edmund Tie, shared that the commercial component of the redeveloped integrated project will benefit from the over 6,000 private residential units within a 500 metre radius.
“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.”
Moreover, Katong Shopping Centre is close to the Marine Parade MRT Station on the Thomson-East Coast Line, which will start operating next year.
“There is no restriction on foreign ownership of this freehold mixed-use site,” Swee added.
This marks the 3rd time Katong Shopping Centre was put up for collective sale. The 1st attempt was made in 2016, when it was launched with a reserve price of S$630 million. The 2nd attempt was in 2017 at the same price.
The tender for the freehold commercial property will close at 3pm on 19 May 2023.