Singapore, 10 July 2023 – Edmund Tie & Company (EDMUND TIE) is putting up for sale by tender, Katong Shopping Centre, a freehold mixed-use redevelopment site located at 865 Mountbatten Road in prime District 15. As the exclusive marketing agent, EDMUND TIE invites all interested parties to submit their offer by 14 August 2023 at 3pm.
Katong Shopping Centre sits on a corner land plot of 86,924 sq ft, enjoying high visibility with a combined dual-road frontage of approximately 210 metres along Mountbatten Road and Haig Road.
The development currently comprises a 7-storey podium block and a 5-storey annex block, accommodating a total of 425 strata shop and office units as well as a privately held carpark located on Level 3 and 4. The total gross floor area of the development is approximately 280,000 sq ft reflecting a gross plot ratio of 3.223.
Under the Master Plan 2019, Katong Shopping Centre is zoned for “Commercial & Residential” use at a gross plot ratio 3.0.
The site can be redeveloped into a landmark mixed-use development at its existing plot ratio of 3.223, with the option of converting the residential component into serviced apartments, subject to authorities’ approval.
Indicative price remains unchanged at S$638 million, which works out to S$2,277 per sq ft per plot ratio (psf ppr) based on its existing gross floor area.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “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. 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.”
Ms Swee continues, “Apartments in mixed-use or integrated developments are popular, as residents can enjoy the convenient access to amenities – including eateries, services, childcare or enrichment centres, and supermarket – right at the doorstep.”
The popularity of residential launches in integrated developments, albeit with a 99-year leasehold tenure, is evidenced from strong buyers’ reception in recent years to projects, such as The Reserve Residences, Lentor Modern, Pasir Ris 8, Canninghill Piers, Midtown Modern and Piccadilly Grand.
“Hence, Katong Shopping Centre, the property – with its strong site attributes, including the freehold tenure, location in a well-established district, proximity to reputable education institutions and city centre, among others – provides developers with the prized opportunity to carve a landmark mixed-use development that can cater to today’s modern lifestyle,” adds Ms Swee.
The retail podium in the new development will also benefit from the dual-street frontage and the wide catchment of more than 6,000 private housing units which are within a 500-m radius from the subject site. The catchment will expand further with the upcoming completion of new residential projects in the vicinity such as Tembusu Grand, The Continuum and Grand Dunman.
Meanwhile, the residential apartments will enjoy the ideal North-South orientation, with unobstructed view over low-rise housing to its North and pockets of sea view to its South.
The site is also well-served by main arterial roads, such as Mountbatten Road, where public transport is easily available. The Marine Parade MRT station on the Thomson-East Coast Line, which will be operational soon next year is located just 500 metres away, further enhancing the connectivity of the area.
Primary schools located within 1 km include Tao Nan School and CHIJ (Katong) Primary. Other prestigious educational institutions in the vicinity include Dunman High School, Chung Cheng High School, Victoria Junior College and Canadian International School, among others.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching (Ms)
DID: +65 6393 2369