The successful en bloc sale of mixed development Min Yuan to Fragrance Group for hotel use last month (September 2019) is followed by the relaunch of another mixed development Katong Plaza that has approval for hotel use.
The asking price is S$188 million and the Marketing Agent is Huttons Asia, remaining unchanged for the third consecutive attempt.
The tender closes at 2 pm on Friday, December 19, 2019.
Owners launched their first collective sale back on July 16, 2018, tender was then extended up to September 11.
During the period, no buyer was found.
The second launch was announced after obtaining approval for hotel use at GPR 3.0 that closed again unsuccessfully on April 9, 2019.
In the third relaunch, Huttons Asia has developed an architecturally designed new hotel concept for the elongated site that has 150m frontage along the Brooke Bond.
The en bloc site could yield 345 hotel rooms with 10,925 sq ft commercial area and the new concept has components to make the stay experiential and amusing to the guests.
The legal requirements have been met with close to 90% consent received from fresh signature campaign for collective sales.
The asking price includes a development charge of S$10.8 million and translates to a land rate of S$1,947 psf ppr.
Presently the Eunos MRT Station, Paya Lebar MRT Station and Dakota MRT Station are the nearest ones accessible to the en bloc site.
However, within 120 meters the new Marine Parade MRT Station is to be opened in 2023 and that makes it even more attractive as great connectivity inevitably attracts more guests.
Driving to the CBD and the Changi Airport takes under 15 minutes, which is another great convenience for international business guests.
With growing interest from developers towards hospitality assets in 2019, the present relaunch is a welcome effort at an opportune time, especially with the signature hotel concept evolved for the purpose.