Katong Plaza Approved Hotel Use Launches Fourth Collective Sale 188 Mil
Singapore’s Katong Plaza shopping centre at 1 Brooke Road, will soon be launched for collective sale on May 30. The freehold property, with a generous land area of 34,044 sq ft and a maximum gross floor area of 102,132 sq ft, will be sold at a guide price of $188 million, which translates to $1,901 psf per plot ratio. This price also includes factoring in a land betterment charge estimated at $6 million.
Positioned in the highly sought-after district 15, the property has already obtained URA outline planning permission for a hotel development, as shared by Terence Lian, Huttons Asia’s head of investment sales, the sole marketing agency for the site. With this in mind, he estimates that the new hotel could yield between 300 and 340 rooms, making it a prime investment opportunity.
Moreover, the site is conveniently located just 120m away from the upcoming Marine Parade MRT station on the Thomson-East Coast Line, scheduled to open in June. It is also strategically positioned next to Roxy Square shopping mall and across the road from Parkway Parade mall. This makes it an ideal location for tourists and business travellers alike.
According to Lian, developers will have the chance to create a unique and attractive hotel that takes full advantage of the charm and appeal of the Katong area. This will cater to the constant influx of tourists and business travellers, making it an appealing investment opportunity.
Rewritten:
The community of Tengah will soon boast a variety of parks and community farms as part of its “Community in Gardens” concept. These green spaces serve as a platform for residents to participate in gardening, recreation, and fostering community relationships. One of the main highlights is the Forest Corridor, which connects the Western Catchment Area and Central Catchment Nature Reserve. This untouched stretch of nature provides the perfect setting for outdoor activities such as jogging, cycling, and bird watching. For those living in Novo Place EC, this development offers the opportunity to reside in a harmonious environment where nature and urban living intertwine seamlessly. Additionally, interested readers can visit Novo Place to learn more about this exciting community.
The owners of Katong Plaza have attempted collective sale three times before, with the third attempt being made in October 2019 at the same guide price of $188 million. In-principle approval for hotel use from URA was already obtained prior to the second collective sale attempt in March 2019. The mixed-use development was first launched for collective sale in June 2018, making this the fourth attempt.
For interested parties, the collective sale tender will close on July 25, providing ample time to make a well-informed decision. As a property buyer, you can also utilize EP Buddy to ask any property-related questions, including transactions, project details, and much more!