Katong Shopping Centre, a freehold mixed-use development in District 15, has been launched for collective sale at a guide price of $638 million. Located at the corner of Mountbatten Road and Haig Road, the 86,924 sq ft site has a combined dual frontage of about 210m. The existing building consists of a seven-storey podium block and a five-storey annexe block housing 425 strata shop and office units.

Under Master Plan 2019, Katong Shopping Centre is zoned for “Commercial & Residential” use at a gross plot ratio 3.0. Marketing agent Edmund Tie & Co notes that the site can be further developed into a landmark integrated development at its existing plot ratio of 3.223. The option to convert the residential component into serviced apartments is also subject to approval by the relevant authorities.

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JCube is set to close its doors in August to be replaced with JCube Condo Residence, a 40-storey residential JCube Residence and commercial development in Jurong. JCube Condo Residence will be connected to the Jurong Lake District and will launch for sale in 2023. Property analysts suggest residential homes in the area may appreciate quickly.

Swee Shou Fern, Edmund Tie’s head of investment advisory, points out that the commercial component of the new integrated development at the site will benefit from a wide catchment of more than 6,000 private housing units within a radius of 500m. Furthermore, the East Coast precinct, “one of the most desirable residential enclaves in Singapore”, is located within 500m from Katong Shopping Centre and offers a wide range of amenities.

The site is close to a number of existing and upcoming developments such as Tembusu Grand, Amber Park, and a Government Land Sale site at Jalan Tembusu that can potentially yield 840 units. It’s also a short distance from the Marine Parade MRT Station on the Thomson-East Coast Line, as well as several nearby educational institutions such as Tao Nan School and CHIJ (Katong) Primary.

This is the third time owners of Katong Shopping Centre have put the development up for en bloc sale. The guide price of $2,277 psf per plot ratio (psf ppr) is slightly lower than the first two attempts, when the reserve price was set at $630 million.

Interested parties are invited to submit their offer for Katong Shopping Centre by 19 May at 3pm. No restriction on foreign ownership is in place for this freehold mixed-use site.