SINGAPORE - Katong Shopping Centre, a freehold mixed-use development at 865 Mountbatten Road in District 15, has been relaunched for collective sale by tender, according to marketing agent Edmund Tie. The indicative price of $638 million remains unchanged from the previous tender, which was launched on April 18 and closed on May 19.
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 car park. In all, the building has a total gross floor area (GFA) of about 280,000 sq ft, reflecting a gross plot ratio of 3.223.
Katong Shopping Centre (shown in gray) is close to a number of new and upcoming developments including Tembusu Grand (shown in purple), Amber Park (largest of the three sites shown in orange at the bottom) and a Government Land Sale site at Jalan Tembusu (shown in blue) that is currently up for tender (Source: EdgeProp LandLens)
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 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 authorities.
The indicative price of $638 million works out to $2,277 psf per plot ratio, based on Katong Shopping Centre’s existing GFA, says Edmund Tie.
Swee Shou Fern, head of investment advisory at Edmund Tie, says the new development at the site could accommodate about 156 apartments based on an average size of 1,076 sq ft, along with around 112,000 sq ft of retail GFA.
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 1km of Katong Shopping Centre, as well as Dunman High School, Chung Cheng High School, Victoria Junior College 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,” says Swee.
The EOI exercise for Katong Shopping Centre will close on Aug 14 at 3pm
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