Katong Shopping Centre relaunched for collective sale at unchanged price of $638 mil
Katong Shopping Centre, located at 865 Mountbatten Road in District 15, Singapore, has been relaunched for collective sale by tender. Marketing agent Edmund Tie has kept the indicative price of $638 million unchanged from the previous tender, which closed in May 19 this year.
The freehold mixed-use development occupies a corner land plot of 86,924 sq ft, with a 210m dual frontage along Mountbatten Road and Haig Road. The building consists of a seven-storey podium block and a five-storey annexe block that houses 425 strata shop and office units. It’s also outfitted with a privately-held car park, offering a total gross floor area (GFA) of about 280,000 sq ft and a gross plot ratio of 3.223.
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.
Based on the development’s existing GFA, the indicative price of $638 million works out to $2,277 psf per plot ratio. Swee Shou Fern, head of investment advisory at Edmund Tie, notes that the new development at the site could accommodate around 156 apartments with an average size of 1,076 sq ft, as well as approximately 112,000 sq ft of retail GFA.
Katong Shopping Centre is in close proximity to a number of new and upcoming developments, including Tembusu Grand, Amber Park, and a Government Land Sale site at Jalan Tembusu that’s currently up for tender. Meanwhile, the Marine Parade MRT Station on the Thomson-East Coast Line, which will be operational in 2024, is less than 500m away. In addition, there are several educational institutions in the vicinity, such as Tao Nan School, CHIJ (Katong) Primary, 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.
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The expression of interest (EOI) exercise for Katong Shopping Centre will close on Aug 14 at 3pm. Check out the available listings near the development, and explore the latest commercial sales transactions at the property with EdgeProp Research.
With its rare freehold tenure, mixed-use development potential, and prime location in Singapore’s East Coast area, Katong Shopping Centre presents a highly attractive investment opportunity. Investors should act quickly to make an offer as competition for the site is likely to be stiff.