On 7th June, 2018, Freehold Katong Plaza is being put up on en bloc sale with an asking price set at S$188 million, according to an announcement on 5th June, by Huttons Asia, the sole marketing agents for the property.
The asking price for the property equals S$1,969 psf ppr for the mixed residential and commercial development after accounting for the development charge payable.
Public tender for the freehold property closes on 16th July at 2pm.
Land area of Katong Plaza is 34,044 sq ft with a gpr of 3.0 which can potentially yield 102,133 sq ft GFA post redevelopment, according to Terrence Lian, head of investment at Huttons Asia.
According to guidelines issued by the Urban Development Authority, at least 60% of a new development should be zoned for residential occupation while the balance 40% can be used for commercial activity.
The winning developer can also enhance residential use to 80% considering the strong demand in Katong area for residential homes and set apart the balance 20% for commercial use.
However, this would be subject to approval from the URA, according to Angela Lim, the deputy head of investments at Huttons Asia.
Katong Plaza is located at 1 Brooke Road and is about 120 metres away from the upcoming (Thomson-East Coast Line) Marine Parade MRT station which completion will be around in 2023.
It is close to schools like Haig’s Girls’ School, Tao Nan School, CHIJ (Katong) primary and Tanjong (Katong) Primary, as well as amenities like East Coast Park, and Parkway Parade at 112 Katong.
Ms. Lim added further that Katong Plaza enjoys strategic location being nestled within the retail belt and an established F&B court.
She also stated that there was a significant potential to transform the site since the developer can introduce lifestyle eateries & cafes along the 150 m frontage abutting Brooke Road that is presently available.
She went on to state that Brooke Road was expected to become a vibrant and weather-friendly thoroughfare lined with a range of dining options and activities that could help in seamlessly linking up the Joo Chiat/Katong area with the upcoming Marine Parade underground MRT station.