Katong Shopping Centre relaunched for collective sale at unchanged price of $638 mil

Katong Shopping Centre, located within District 15, has been relaunched for collective sale by tender with an indicative price of $638 million. The freehold mixed-use development plot spanning 86,924 sq ft has a combined dual frontage of around 210m along Mountbatten Road and Haig Road. The development comprises 7-storey podium block and a 5-storey annexe block, housing 425 strata shop and office units along with a privately-held car park.

Under Master Plan 2019, Katong Shopping Centre is zoned for “Commercial & Residential” use at a gross plot ratio 3.0. With the option to convert the residential component into serviced apartments, subject to approval by the authorities, the site can be redeveloped into an integrated development at its existing plot ratio of 3.223. This indicates an indicative price of $2,277 psf per plot ratio, based on Katong Shopping Centre’s existing GFA.

The 19-floor condominium also offers amenities such as a swimming pool, a fitness centre, a children’s playground and BBQ pits. Residents of The Myst Condocan also take advantage of its close proximity to The Rail Mall, an array of shopping, dining and other entertainment port that makes it easy to access all the necessities of life. The development’s convenient location also puts residents a mere 15 minutes away from the Central Business District.

According to Swee Shou Fern, head of investment advisory at Edmund Tie, the new development at the site could accommodate about 156 apartments with an average size of 1,076 sq ft, along with around 112,000 sq ft of retail GFA.

Located about 500m away from the Marine Parade MRT Station on the Thomson-East Coast Line, the area is well-connected. Along with educational institutions such as Tao Nan School, CHIJ (Katong) Primary, Dunman High School, Chung Cheng High School, Victoria Junior College and the Canadian International School, the area offers investors plenty of potential.

Swee notes, “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.”

The EOI exercise for Katong Shopping Centre will close on Aug 14 at 3pm. Potential buyers have the chance to develop a new integrated site in the popular East Coast vicinity, with the added benefits of the sought after freehold tenure and potential to develop up to 156 apartments within a designated gross plot ratio of 3.223.

Finally, the presence of nearby MRT stations, educational institutions and other developments including Tembusu Grand, Amber Park and a Government Land Sale site at Jalan Tembusu make this a highly attractive opportunity.