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Cushman & Wakefield secure approval for redevelopment of Katong Shopping Centre
CUSHMAN & Wakefield, together with the Collective Sale Committee, has secured approval for the redevelopment of Singapore's first air-conditioned mall Katong Shopping Centre for commercial and serviced residence use.
The reserve price remains the same at S$630 million which translates to a land price of $S2,248 per square foot of gross floor area, said Cushman & Wakefield, the exclusive marketing agent for the property, in a statement.
Although the current master plan zoning for Katong Shopping Centre is commercial & residential, with a plot ratio of 3, approval has been granted for the development of a brand new mall/serviced residences at a plot ratio of 3.223.
Katong Shopping centre has an expansive frontage of close to 170 m and is sited 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).
It is in close proximity 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.
No development charges are payable.
The tender exercise will close on March 13.