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Katong Shopping Centre (KSC), the first air-conditioned shopping mall in Singapore, has been put up for en bloc sale again for $630 million, which works out to $$2,248 psf on the gross floor area.
This comes after the collective sale committee and marketing agent Cushman & Wakefield secured approval for the redevelopment of KSC for commercial / serviced residence use.
With a wide frontage of almost 170m, KSC (pictured) is located at the “eastern end of Mountbatten Road leading to East Coast Road on a sizable freehold land size of 8,075.5 sq m (86,924 sq ft)”, noted Cushman & Wakefield.
It is close to regional business hubs in Changi Business Park and Paya Lebar, as well as hotels like Hotel Indigo, The Holiday Inn Express, Grand Mercure Roxy and Village Hotel.
KSC is also within walking distance to the upcoming Marine Parade and Tanjong Katong MRT stations along the future Thomson-East Coast line.
In a statement, Cushman & Wakefield explained that while the current master plan zoning for the property is commercial and residential, with a plot ratio of three, approval has been given for “the development of a brand new mall / serviced residences at a plot ratio of 3.223”, with no development charge payable.
“The Urban Redevelopment Authority had previously rejected approval of the first proposal as there had been concerns on traffic congestion in the area, which the initial proposal of a fully commercial mall would add on to,” Christina Sim, Director for Capital Markets at Cushman & Wakefield was quoted as saying in The New Paper.
The area’s new zoning for commercial / serviced residence use “would not add too much vehicular traffic”, she added.
The tender exercise for KSC will close on 13 March.
Image source: Cushman & Wakefield
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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