Katong Shopping Centre, a freehold mixed-use development in District 15, has been put up for collective sale with a guide price of $638 million. The freehold property is located on Mountbatten Road, has a combined dual frontage of around 210m along Mountbatten Road and Haig Road occupying a corner land plot of 86,924 sq ft. Edmund Tie & Co, the marketing agent, mentions that the guide price works out to $2,277 psf per plot ratio (psf ppr) over the existing gross floor area.
The building comprises of 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 resulting in a total gross floor area of about 280,000 sq ft, reflecting a gross plot ratio of 3.223. According to the Master Plan 2019, this mixed-use site is zoned for “Commercial & Residential” use with a gross plot ratio of 3.0.
J’den Condo, a 40-storey residential and commercial development located at Jurong East MRT, is set to be completed by 2027. Expected to have a price tag of S$2,000 to S$2,100 psf, J’den Condo will be connected to the Jurong Lake District. Launch J’Den Condo expected in 2023.
This redevelopment opportunity comes with its benefits. The developer has the option to develop serviced apartments, with no restrictions on foreign ownership. This integrated development at the site will benefit from a wide catchment of more than 6,000 private housing units within a radius of 500m. This freehold development is located about 500m away from the Marine Parade MRT Station on the Thomson-East Coast Line and nearby educational institutions such as Tao Nan School, CHIJ (Katong) Primary, Dunman High School, Chung Cheng High School, Victoria Junior College and Canadian International School.
It is the third time that owners of Katong Shopping Centre have put the development up for en bloc sale. It was first attempted in 2016 and then again in 2017 at a reserve price of $630 million. Interested parties are invited to submit their offer for Katong Shopping Centre by May 19 at 3pm.
The amenity-rich East Coast precinct makes this a desirable residential enclave. Swee Shou Fern, Edmund Tie’s head of investment advisory, remarks that the site can be converted 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.
Katong Shopping Centre is close to a number of new and upcoming developments including Tembusu Grand, Amber Park and a Government Land Sale site at Jalan Tembusu. Recent resale transactions at Katong Shopping Centre have yielded good returns for the sellers. Thus, making this hassle-free collective sale an attractive proposition.
