Read this article: Kew Drive freehold home listed for sale for $18 million
Katong Shopping Centre, a freehold mixed-use project located on Mountbatten Road in District 15 is now available for sale by collective purchase for a starting price that is $638million. The estimated price equates to $2,277 psf for each plot ratio (psf ppr) over the gross floor area, according to the marketing agents Edmund Tie & Co.
Katong Shopping Centre is located on a corner land parcel of 86,924 sq feet that has a combined frontage of about 210m on Mountbatten Road and Haig Road. The structure consists of a seven-storey podium block as well as an annexe block that is five floors high which houses 425 strata shops and office units. The building also has a privately-owned carpark. All in all, the property is a gross floor space of approximately 280,000 sq feet, which corresponds to the gross proportion of 3.223.
Under the Master Plan in 2019, Katong Shopping Centre is zoned to “Commercial and Residential” usage at a plot ratio gross of 3.0. Edmund Tie notes that the site could be developed as a landmark integrated project with its current area ratio of 3.223 and the possibility for transforming the housing part into serviced apartments subject to approval from the authorities.
“For the residential component of the development The developer is also able to build serviced apartments subject to approval by the planning department. There is no limit on the ownership of foreign property in this Freehold Mixed-Use site,” adds Swee Shou Fern Edmund Tie’s head of investment advice.
Swee emphasizes that the commercial element of the integrated development on the site will profit from a broad coverage of over 6000 private housing units spread over 500m. “The amenities-rich East Coast precinct has been one of the most sought-after residential areas located in Singapore as well. Katong Shopping Centre presents a rare freehold mixed-use redevelopment possibility in the vicinity,” she continues.
The site is situated about 500m from Marine Parade MRT Station on the Thomson-East Coast Line which will begin operating in 2024. The nearby educational institutions are Tao Nan School and CHIJ (Katong) Primary School, each within 1km from Katong Shopping Centre and Katong Shopping Centre, and Dunman High School, Chung Cheng High School, Victoria Junior College and Canadian International School.
It will be the third consecutive time that that owners of Katong Shopping Centre have put the mall up for auction in block sale. The first time was 2016, when the development was listed for sale with a reserve in the range of $630 million. A second attempt to sell the company was conducted in 2017 at the same price.
The interested parties are asked to submit a proposal to Katong Shopping Centre by May 19th at 3pm.