Singapore, February 27th, 2017 – Cushman & Wakefield, the exclusive marketing agent for the property, together with the Collective Sale Committee, has secured approval for a re-development of Katong Shopping Centre (KSC), Singapore’s first air-conditioned shopping mall for Commercial/Serviced Residence use at the existing plot ratio of 3.223. The reserve price remains the same at $630 million which translates to a land price of $2,248 per square foot of gross floor area.
KSC has an expansive frontage of close to 170m and is sited prominently at the eastern end of Mountbatten Road leading to East Coast Road on a sizable freehold land size of 8,075.5 sqm (86,924 sqft). It is in close proximity to regional business hubs in Paya Lebar and Changi Business Park, as well as hotels such as The Holiday Inn Express, Hotel Indigo, Village Hotel and Grand Mercure Roxy. It is also within walking distance to the upcoming Tanjong Katong and Marine Parade mass rapid transit (MRT) stations along the upcoming Thomson-East Coast line.
According to Ms Christina Sim, Director of Capital Markets in Cushman & Wakefield, suburban retail developments, due to its staple offerings, have become prime commercial assets that have generally withstood the wax and wane of economic forces and tourist arrivals. “The sector has emerged relatively unscathed from the rising vacancy levels experienced in the Central Area. This part of the East Coast enjoys a captive residential catchment, as it is home to many affluent and well-heeled residents. The development is ideal for opportunities such as the serviced residential market. With the completion of the Thomson-East Coast Line in 2023, this catchment is expected to grow even further with the influx of large-scale events and the upcoming completion of Project Jewel, Changi Airport’s new retail and lifestyle complex.”
Although the current Master plan zoning for Katong Shopping Centre is ‘Commercial & Residential’, with a plot ratio of 3, the Competent Authority has given approval for the development of a brand new Mall/Serviced Residences at a plot ratio of 3.223. No development charges are payable.
The tender exercise must close on 13 March 2017 (Monday), 3.00pm.
For further information, contact:
Director, Capital Markets
+65 9638 8813