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.
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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.