SINGAPORE - East Coast landmark Katong Shopping Centre is up for collective sale again - but now it can be redeveloped into a mall with serviced residences.
Government approval has been secured for such a redevelopment of the site at its existing plot ratio of 3.223, the property's exclusive marketing agent Cushman & Wakefield announced on Monday (Feb 27).
No development charges are payable, it added.
The property's reserve price remains S$630 million, which translates to a land price of S$2,248 per square foot of gross floor area.
Ms Christina Sim, Cushman & Wakefield's director for capital markets, told The Straits Times that they estimated that the plot should yield more than 400 units of serviced apartments, based on apartment sizes of about 500 sq ft.
The ground floor has been kept for commercial use, with the possibility of extending it to a basement floor, she added.
The mall had been launched for collective sale through tender in June last year, which marketing agent Cushman & Wakefield, said was its first attempt to go to the market.
In January 2010, the committee of Katong Shopping Centre had received majority approval from owners to kickstart the en-bloc sales process, but did not get the approval needed to launch a collective sale.
Katong Shopping Centre was Singapore's first air-conditioned shopping mall when it opened in 1973.
The mall, which contains 425 units, sits on a freehold plot of nearly 87,000 sqft. Situated along Mountbatten Road, it houses among others, offices, employment agencies, printing and tailoring services shops, and eateries.
It is near to regional business hubs in Paya Lebar and Changi Business Park, as well as hotels such as The Holiday Inn Express, Hotel Indigo, Village Hotel and Grand Mercure Roxy.
It is also within walking distance to the future Tanjong Katong and Marine Parade mass rapid transit (MRT) stations along the upcoming Thomson-East Coast line.
The tender exercise closes on March 13.