Katong Shopping Centre, located in District 15, has been launched for collective sale at a guide price of $638 million. The guide price works out to roughly $2,277 psf ppr over the existing gross floor area. According to Edmund Tie & Co, the marketing agent, the building comprises a seven-storey podium block and a five-storey annexe block, housing a total of 425 strata shop and office units. There is also a privately-held carpark, and the land plot covers a total area of 86,924 sq ft with dual frontage of 210m along Mountbatten Road and Haig Road.

Under Master Plan 2019, the site is zoned for “Commercial & Residential” use at a gross plot ratio 3.0. The developer has the option to redevelop the property into a landmark integrated development, with the option of converting the residential component into serviced apartments, subject to planning approval. There is no restriction on foreign ownership of this freehold mixed-use site.

The commercial component of the new integrated development at the site will benefit from a wide catchment of more than 6,000 private housing units within a radius of 500m. It also has access to a number of new and upcoming developments nearby.

Altura EC Altura EC Bukit Batok offers attractive pricing and ideal location to appeal to first-time buyers and HDB upgraders.

The residential area will also benefit from the Marine Parade MRT Station, on the Thomson-East Coast Line, which will be operational in 2024. There are many educational institutions in the area including Tao Nan Primary and CHIJ (Katong) Primary, both within 1 km of Katong Shopping Centre, Dunman High School, Chung Cheng High School, Victoria Junior College and Canadian International School.

Swee Shou Fern, Edmund Tie’s head of investment advisory, comments that the “amenity-rich East Coast precinct has been one of the most desirable residential enclaves in Singapore and Katong Shopping Centre presents a rarely available freehold mixed-use redevelopment opportunity in this vicinity.”

This is the third time owners of Katong Shopping Centre have put the development up for collective sale. The first attempt was in 2016, followed by a second attempt in 2017 at a reserve price of $630 million. Interested parties are invited to submit their offer for Katong Shopping Centre by May 19 at 3pm.

Collective sale of Katong Shopping Centre presents an ideal opportunity for a developer to create a one-of-a-kind integrated development in the area, with the potential to expand on the existing amenities. The freehold nature of the property and its ability to convert to serviced apartments also make it an attractive option.