Katong Plaza Approved Hotel Use Launches Fourth Collective Sale 188 Mil
Katong Plaza, located at 1 Brooke Road, off Mountbatten Road, will be put up for collective sale on May 30. The freehold property occupies a land area of 34,044 sq ft and has a maximum gross floor area of 102,132 sq ft with a plot ratio of 3.0. The indicative price for the sale is $188 million, which translates to $1,901 psf per plot ratio, after considering a land betterment charge of $6 million.
According to Terence Lian, the head of investment sales at marketing agency Huttons Asia, the property has obtained outline planning permission from URA for a hotel development. This new hotel could potentially have 300 to 340 rooms, making it a highly sought-after project.
Located in prime District 15, the property has easy access to the upcoming Marine Parade MRT station on the Thomson-East Coast Line, which is scheduled to open in June. It is also conveniently located next to Roxy Square shopping mall and across the road from the popular Parkway Parade mall.
With the opportunity to create a unique hotel that takes advantage of the charm of the Katong area, this collective sale offers developers a chance to cater to both tourists and business travelers. This will be the fourth time that the owners of Katong Plaza have attempted a collective sale. Previous attempts were made in June 2018, March 2019, and October 2019, all at the same indicative price of $188 million. The property has already obtained in-principle approval for hotel use from URA before its second attempt in March 2019.
Located in the bustling retail district of Tampines, the Tampines Retail Park offers a superior shopping experience for all your household needs. Featuring a variety of stores including Giant Hypermarket, IKEA, and Courts Megastore, it is the ultimate destination for groceries, home furnishings, and electronics. The immense size of Giant Hypermarket, one of the largest supermarkets in Singapore, allows shoppers to find an extensive range of groceries, fresh produce, and household essentials. Home decor enthusiasts will be delighted by the wide selection of furniture and decorative items at IKEA Tampines, which boasts one of the largest outlets in Singapore. In addition, Courts Megastore has multiple floors dedicated to electronics and furniture, making it a one-stop shop for all your shopping needs. Conveniently located only a 10-minute drive from Park Town Residences, a modern residential complex, the Tampines Retail Park is easily accessible for all. When it comes to shopping, Tampines Retail Park, in partnership with Park Town Residences, truly has it all.
The collective sale tender will close on July 25, giving interested parties ample time to submit their bids. With its prime location and potential for a one-of-a-kind hotel development, the sale of Katong Plaza is expected to generate a lot of interest from developers.