Katong Shopping Centre for sale for $638m
Submission of offers ends on 14 August at 3 pm.
The Katong Shopping Centre at 865 Mountbatten Road in prime District 15 was relaunched for collective sale with the indicative price remaining unchanged at $638m or $2,277 per square foot (sq ft) per plot ratio.
In a statement, Edmund Tie & Company said the Katong Shopping Centre, zoned for Commercial & Residential use, is composed of a seven-storey podium block and a five-storey annex block, on a corner land plot of 86,924 sq ft.
The freehold mixed-use redevelopment property accommodates 425 strata shop and office units, and a privately held carpark on Levels 3 and 4.
It has a total Gross floor area of development of around 280,000 sq ft.
“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,” said Swee Shou Fern, head of Investment Advisory at Edmund Tie.
“Based on an average unit size of 100 sq m (or approximately 1,076 sq ft), the new development can accommodate about 156 residential apartments. Meanwhile, the retail component can feature up to approximately 112,000 sq ft in gross floor area,” she added.
The deadline for submission of offers by interested parties is on 14 August at 3 pm.