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Katong Plaza to be put up for collective sale at S$188m

 
06 June 18 | The Business Times
by WONG KAI YI
 

Singapore

FREEHOLD Katong Plaza will be launched for collective sale on June 7, 2018, with a S$188 million expected price, sole marketing agent Huttons Asia said on Tuesday, with the public tender closing at 2pm on July 16.

The expected price - of which 80 per cent goes to commercial owners and 20 per cent goes to residential owners - translates to S$1,969 per square foot per plot ratio (psf ppr) for the mixed development, with S$13 million development charge added.

The building's 132 commercial units have a total strata area of 38,643 square feet, while its 14 residential units have a total strata area of 19,612 sq ft, Huttons said.

The site has a land area of 34,044 sq ft with a 3.0 allowable gross plot ratio, yielding a possible 102,133 sq ft of gross floor area (GFA) after redevelopment, Huttons Asia's head of investment sales Terence Lian said.

According to the Urban Redevelopment Authority's guidelines, a minimum of 60 per cent of the GFA in the new development will need to be zoned for residential use, with the remaining 40 per cent for commercial purposes.

A future developer could build cafes and eateries along the plot's existing 150-metre frontage along Brooke Road, which links up the Katong/Joo Chiat area with the future Marine Parade station, noted Huttons' deputy head of investment sales Angela Lim.

The site joins previous mixed-use sites up for sale, with recently sold ones being the Goh & Goh Building along Upper Bukit Timah Road for S$101.50 million, Tai Wah Building along Killiney Road for S$84.89 million, and Chinatown Plaza in May this year for S$260 million.

The site's unique features could test future development, said ZACD's executive director Nicholas Mak.

"The site of Katong Plaza is rather thin and narrow, which could pose some challenges for future development," he noted.