FREEHOLD Katong Shopping Centre, Singapore’s first air-conditioned mall when it opened in 1973, is being offered for collective sale at S$638 million.

The East Coast landmark in District 15 occupies a corner land plot of 86,924 square feet (sq ft), with dual road frontage along both Mountbatten Road and Haig Road.

The existing building comprises a seven-storey podium block and a five-storey annex block, with a total of 425 strata shop and office units, and a privately-held carpark. The total gross floor area (GFA) of the development is approximately 280,000 sq ft, reflecting a gross plot ratio (GPR) of 3.223.

Under Master Plan 2019, Katong Shopping Centre is zoned for commercial and residential use at a GPR of 3.0.

In confirming market talk that the development is for sale, sole marketing agent Edmund Tie & Company said the site can be redeveloped into an integrated development at its existing plot ratio of 3.223, with the option of converting the residential component into serviced apartments, subject to the authorities’ approval.

The guide price of S$638 million translates into a rate of $2,277 per square foot per plot ratio (psf ppr) over its existing GFA.

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This is the third en bloc attempt for the owners of Katong Shopping Centre. The previous marketing efforts were handled by Cushman & Wakefield in 2017 and 2016, both at the same reserve price of S$630 million.

Swee Shou Fern, Edmund Tie’s head of investment advisory, said the site presents a rarely available freehold mixed-use redevelopment opportunity in the amenity-rich East Coast precinct, which is also one of Singapore’s most desirable residential enclaves.

“The new integrated development will benefit from its prominent 210 m dual-street frontage, with its commercial component serving a wide catchment of more than 6,000 private housing units within a 500 m radius of Katong Shopping Centre,” said Swee, noting that nearby residential developments include The Shore Residences, Amber 45, Silversea, The Esta, One Amber and the upcoming Tembusu Grand.

“For the residential component in the new development, the developer also has the option to develop serviced apartments, subject to planning approval,” she said, adding that there is no restriction on foreign ownership of the site.

The upcoming Marine Parade MRT station on the Thomson-East Coast Line is located about 500 m away, while educational institutions in the vicinity include Tao Nan School, CHIJ (Katong) Primary, Dunman High School, Chung Cheng High School, Victoria Junior College and the Canadian International School.

The collective sale tender for Katong Shopping Centre will close at 3 pm on May 19.