Katong Mall Up For Sale With $220m-$250m Tag

Source : The Business Times, May 27, 2008

KATONG Mall has been put up for collective sale at the indicative price of $220 million to $250 million.

Katong Mall: The 78,158 sq ft site could yield up to 100 residential and 185 commercial/retail units

The 78,158 sq ft site is zoned for commercial use and has a plot ratio of up to 3.6.

According to marketing agent Jones Lang LaSalle (JLL), the strata-titled 258-unit mall can be redeveloped into a commercial or retail project with a gross floor area (GFA) of up to 281,369 sq ft, subject to official approval and payment of development charge if applicable.

Based on this GFA, the unit land price works out to be between $782 and $888 per sq ft per plot ratio (psf ppr).

JLL local director (investments) Stella Hoh estimates the site could yield up to some 490 commercial/ retail units of an average size of 400 sq ft.

Ms Hoh also said outline planning permission has been obtained for a mixed residential and commercial development, with an approved plot ratio of up to 3.

This translates to a GFA of up to 234,474 sq ft, subject to official approval and payment of development charge if applicable, and could yield up to 100 residential and 185 commercial/retail units of average sizes of 1,200 sq ft and 400 sq ft respectively.

'This scheme would appeal to developers who are looking to capitalise on the demand for residential units in the established Marine Parade enclave,' Ms Hoh said.

In September 2007 it was reported that a majority owner held 72 per cent of Katong Mall, with the rest divided among about 100 owners. It was also reported that some minority owners were unhappy about a collective sale.

But Ms Hoh reiterated that 80 per cent approval for the collective sale has been received.