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UPDATED: Katong Shopping Centre (pictured) has been put up for collective sale by tender on Tuesday (14 June), marketing agent Cushman & Wakefield announced in a press release.
The property comes with a reserve price of S$630 million, or S$2,248 per sq ft per plot ratio based on the mall’s existing gross floor area of 280,203 sq ft.
Director of Capital Markets at Cushman & Wakefield, Christina Sim said the shopping centre is expected to be a project “ideal for ‘additions and alterations’ (A&A) to recreate a landmark mall in Katong.”
“There is also a possibility of setting aside some 3,000 square metres (32,292 sq ft) for medical suites, subject to the approval of the competent authority,” Sim said.
The 86,924 sq ft freehold site is zoned for commercial and residential use with a 3.0 plot ratio under the 2014 Urban Redevelopment Authority’s (URA) Master Plan. However, the current use for Katong Shopping Centre as confirmed by a baseline report is full commercial with a total GFA of 26,031.76 sqm or 280,203 sqft reflecting a plot ratio of 3.223.
Cushman & Wakefield has applied for outline planning permission for full commercial use, which would be in keeping with the existing property’s use.
“It is expected that Katong Shopping Centre will be a project ideal for ‘Additions & Alterations’ to re-create a landmark mall in Katong. There is also a possibility of setting aside some 32,292 sq ft for medical suites, subject to approval.”
The tender for Katong Shopping Centre will close on 8 September.
Image Source: Cushman & Wakefield.
Correction: An earlier version of this article misstated that Katong Shopping Centre was developed by CDL. The Singapore-listed developer did not build the property. It owns about 35 percent of share value in the shopping centre through its ownership of at least 60 commercial units and 323 car parking lots.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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