Third launch for Katong Plaza collective sale

Third launch for Katong Plaza collective sale

Thu, Oct 24, 2019

VIVIENNE TAY


THE collective sale for Katong Plaza has been launched for the third time via public tender at an unchanged asking price of S$188 million, marketing agent Huttons Asia said on Thursday.

This translates to a land rate of S$1,947 per square foot (psf) per plot ratio, after factoring an estimated development charge of S$10.8 million.

This is the second en bloc exercise for the mall, and third launch after obtaining an outline planning permission for hotel use on Sept 11 from the Urban Redevelopment Authority (URA).

Huttons said that it is relaunching the site for tender having freshly obtained close to 90 per cent of owners agreeing to the collective sale, amid developers' strong interest in land for hotel use.

The public tender will now close on Dec 19 at 2 pm.

Huttons has also engaged an architect to design a new hotel concept based on feedback from developers about the elongated shape of the land. This is to showcase the potential for an experiential and activity-based accommodation venue.

The hotel is estimated to yield 345 rooms and 10,925 sq ft of commercial floor area.

Katong Plaza's first collective sales exercise took place in 2018, with the first public tender closing on June 7, 2018. This was later extended to Sept 11, 2018. It was then zoned as a mixed-use site for commercial and residential use under URA's Master Plan.

The second launch came in March 2019, with the site obtaining approval from URA for hotel use. The public tender for the second launch closed on April 9.