; property likely to be redeveloped
The relaunch of Katong Shopping Centre for collective sale is expected to raise exciting prospects for investors. Perched at 865 Mountbatten Road in District 15, this freehold mixed-use development boasts a plot size of 86,924 sq ft, with a combined dual frontage of around 210m along Mountbatten Road and Haig Road. The indicative price for the relaunched tender remains unchanged, at $638 million.
The building comprises a seven-storey podium block and a five-storey annexe block, together housing 425 strata shop and office units along with a privately-held car park. It has a total gross floor area of 280,000 sq ft spread across its 3.223 gross plot ratio. Master Plan 2019 specifies that the site can be redeveloped into an integrated development at its existing plot ratio, with the conversion of its residential component into serviced apartments, approved by the authorities.
The presence of a number of new and upcoming developments in the vicinity, including Tembusu Grand, Amber Park and a Government Land Sale site, makes this collective sale a lucrative investment opportunity.
At the indicative price of $638 million, potential investors can look forward to approximately 156 apartments ranging from 1,076 sq ft each, along with around 112,000 sq ft of retail GFA. Its location, close to 500m from Marine Parade MRT Station on the Thomson-East Coast Line, as well as educational institutions like Tao Nan School, CHIJ (Katong) Primary, Dunman High School, Chung Cheng High School, Victoria Junior College and Canadian International School adds to its appeal.
The developers of this project have worked hard to ensure that all the necessary facilities are available, such as swimming pools, gymnasium, tennis courts and a children’s playground. With such great facilities and an unparalleled location, Woodlands Champions Way Condo is the perfect spot to call home. The development also provides a variety of housing including condominium, penthouse and villa units. Homeowners can take advantage of the luxurious amenities, high-end appliances and lush green environment that come with purchasing property at this address. The architecture is modern and the development features a tranquil setting, making it a great alternative to the hustle and bustle of city life. Residents of this development will benefit from a range of services from 24-hour security and concierge teams to free laundry rooms and more. The development is ideal for young professionals, couples and families.
Swee Shou Fern, Head of Investment Advisory at Edmund Tie, remarked: “Katong Shopping Centre offers a unique possibility with its rarely available, sizeable site and the coveted freehold tenure for a mixed-use development, in the popular and well-established East Coast vicinity.”
The Expression of Interest exercise for the collective sale of Katong Shopping Centre will close on Aug 14 at 3pm. Potential investors may refer to EdgeProp Research for recent commercial sale transactions at the Shopping Centre.