Katong Shopping Centre for sale at $630 mil

By Tan Chee Yuen / Cushman & Wakefield | June 16, 2016 9:00 AM SGT
Katong Shopping Centre has been put up for collective sale with a reserve price of $630 million. Based on the total gross floor area of 280,203 sq ft, that translates into $2,248 psf per plot ratio.
At least 80% of the owners have given their consent for the property to be sold en bloc, according to Cushman & Wakefield, which is marketing the property. The site is currently zoned for commercial and residential development with a plot ratio of 3.0. However, the existing mall is a commercial development with a total GFA of 280,203 sq ft, reflecting a plot ratio of 3.223, which exceeds the allowable plot ratio.
The successful bidder could consider opting for a major addition and alteration exercise instead of redeveloping the site in order to keep the existing plot ratio, according to C&W. There is also a possibility of carving out 3,000 sq m (32,292 sq ft) from the existing GFA for medical suites, which is subject to approval from the authorities.
The attraction is that Katong Shopping Centre sits on an 86,924 sq ft freehold plot and has a prominent frontage along Mountbatten Road. It is also located within 500m to 600m of the upcoming Amber and Marine Parade MRT stations on the future Thomson- East Coast Line.
The tender exercise closes at 3pm on Sept 8.