FREEHOLD Katong Shopping Centre has been relaunched for collective sale at the same reserve price of S$638 million, after its recent en bloc bid closed in May without a sale.

This makes it the fourth en bloc attempt for the owners of Katong Shopping Centre. The development was first put up for sale in 2016 and 2017 at S$630 million. 

At the current reserve price of S$638 million, the deal would translate to a land rate of S$2,277 per square foot per plot ratio (psf ppr) over its existing gross floor area (GFA), said marketing agent Edmund Tie & Company (Edmund Tie).

Located in District 15, the shopping centre occupies a corner land plot of 86,924 square foot (sq ft) with dual road frontage along Mountbatten Road and Haig Road. A gross plot ratio (GPR) of 3.223 gives the site total GFA of approximately 280,000 sq ft.  

The mixed-use development houses 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 located on levels 3 and 4. 

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

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Edmund Tie said the site can be redeveloped into a mixed-use development at its existing plot ratio of 3.223. There is also the option to convert the residential component into serviced apartments, subject to the authorities’ approval.

Swee Shou Fern, Edmund Tie’s head of investment advisory, estimated that the new development can accommodate about 156 residential units, based on the average size of 1,076 sq ft. Meanwhile, the retail component for the new development can take up to 112,000 sq ft in GFA.

The upcoming Marine Parade MRT station on the Thomson-East Coast Line is about 500 metres away.

The tender for Katong Shopping Centre will close on Aug 14.