Katong Shopping Centre relaunched for collective sale at unchanged price of $638 mil

Edmund Tie has relaunched Katong Shopping Centre in a collective sale by tender, with an indicative price of $638 million. Located at 865 Mountbatten Road at District 15, it occupies a corner land plot of 86,924 sq ft, with a combined dual frontage of around 210m along Mountbatten Road and Haig Road. It comprises a seven-storey podium block and a five-storey annexe block, housing a total of 425 strata shop and office units.

Edmund Tie has relaunched a collective sale by tender for Katong Shopping Centre in District 15, located at 865 Mountbatten Road. With an unchanged indicative price of $638 million, the site offers a rare chance to acquire a noteworthy freehold property.

The land plot is 86,924 sq ft, containing a combined dual frontage of around 210m along Mountbatten Road and Haig Road. The building consists of two blocks; the seven-storey podium and a five-storey annexe, along with a privately-held car park. The total gross floor area of the site is around 280,000 sq ft, or a gross plot ratio of 3.223.

Swee Shou Fern, head of investment advisory at Edmund Tie, notes that the possible redevelopment of the site could provide an opportunity to build around 156 apartments with average size of 1,076 sq ft, as well as 112,000 sq ft of retail GFA.

It’s located in a matured neighbourhood with plenty of shopping, entertainment, and F&B clusters for residents to indulge in. Tengah Plantation Loop EC is sure to receive plenty of interest from homebuyers looking for their dream home. With close proximity to amenities like schools, parks and shopping malls, the development is sure to satisfy the needs of growing families.

The location of this property is convenient for residents, as it is nestled in the East Coast area and is only a 500m walk away from the Marine Parade MRT Station on the Thomson-East Coast Line, which will be operational in 2024. Nearby educational institutions include Tao Nan School and CHIJ (Katong) Primary, both within 1km of Katong Shopping Centre, and Dunman High School, Chung Cheng High School, Victoria Junior College and Canadian International School.

Under the Master Plan 2019, the site is zoned for ‘Commercial & Residential’ use. It is possible to convert the residential component into serviced apartments, subject to approval by the authorities. According to the indicative price of $638 million, it works out to be approximately $2,277 psf per plot ratio, which is based on the existing gross floor area.

The tender for Katong Shopping Centre will close on Aug 14 at 3pm. Being in a popular and well-established area with the rare freehold tenure, it presents a great investment opportunity.