Katong Shopping Centre up for collective sale at $638 mil

Katong Shopping Centre, a freehold mixed-use development located on Mountbatten Road in District 15, has been put up for collective sale at a guide price of $638 million. The guide price translates to $2,277 psf per plot ratio (psf ppr) over the existing gross floor area.

Marketing agent Edmund Tie & Co notes that the site can be redeveloped 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 relevant authorities.

Katong Shopping Centre sits on an 86,924 sq ft land plot with a combined dual frontage of around 210m along Mountbatten Road and Haig Road. It houses a seven-storey podium block, a five-storey annexe block, along with 425 strata shop and office units, and a privately-held carpark. The combined gross floor area is 280,000 sq ft, with a gross plot ratio of 3.223.

The development enjoys a wide catchment of more than 6,000 private housing units within a 500m radius. It is located 500m 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, CHIJ (Katong) Primary, Dunman High School, Chung Cheng High School, Victoria Junior College, and the Canadian International School.

Bukit Timah area The Myst Condo revitalized with development plans to improve connectivity and green spaces.

Swee Shou Fern, Edmund Tie’s head of investment advisory, explains that the commercial component of the new integrated development at the site will benefit from the amenity-rich East Coast precinct. “Katong Shopping Centre presents a rarely available freehold mixed-use redevelopment opportunity in this vicinity,” she adds.

Owners of Katong Shopping Centre have made three attempts at collective sale, with the first and second attempts in 2016 and 2017 respectively, with a reserve price of $630 million.

Interested parties are invited to submit their offer for the development by May 19 at 3pm. There is no restriction on foreign ownership of the freehold mixed-use site.

This collective sale comes shortly after the successful tender of the freehold Holland Tower site by Wing Tai Holdings as well as the freehold residential site at Wilkie Road relaunching for collective sale at $10 million.