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Thread: Katong Plaza relaunched for collective sale with approval for hotel use

  1. #1
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    Default Katong Plaza relaunched for collective sale with approval for hotel use

    Katong Plaza relaunched for collective sale with approval for hotel use

    Thu, Mar 07, 2019


    KATONG Plaza - currently zoned for commercial and residential use - has obtained approval from the Urban Redevelopment Authority (URA) for hotel use at a gross plot ratio of 3.0.

    The freehold site has a land area of 34,044 square feet and a total allowable maximum gross floor area of 102,133 sq ft.

    Marketing agent Huttons Asia, which relaunched the site for sale by public tender on Thursday, said in a statement that this can yield up to about 300 hotel rooms with an average room size of 215 sq ft.

    The asking price remains unchanged at S$188 million. This works out to a land rate of S$1,968 per sq ft per plot ratio, including a S$13 million development charge.

    Terence Lian, the head of investment sales at Huttons Asia, said that Singapore, being a global financial hub with an emphasis on MICE (meetings, incentives, conventions & exhibitions) tourism could "easily capitalise" on this trend by building more hotels.

    "It is a rare opportunity to invest in Katong Plaza due to a muted supply of hotels at a 10-year low, coupled with the rise in tourism here," he said.

    Huttons Asia said that Katong Plaza is nestled within an established food & beverage and retail belt in the heart of Katong. It is located about 120 m away from the future Marine Parade MRT station, which is seven stops away from Raffles Place MRT.

    The public tender for Katong Plaza closes on April 9 at 3 pm.

  2. #2
    Join Date
    Nov 2015
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    Default Re: Katong Plaza relaunched for collective sale with approval for hotel use

    Quote Originally Posted by reporter2 View Post
    Katong Plaza relaunched for collective sale with approval for hotel use

    Thu, Mar 07, 2019


    KATONG Plaza - currently zoned for commercial and residential use - has obtained approval from the Urban Redevelopment Authority (URA) for hotel use at a gross plot ratio of 3.0.

    The freehold site has a land area of 34,044 square feet and a total allowable maximum gross floor area of 102,133 sq ft.

    Marketing agent Huttons Asia, which relaunched the site for sale by public tender on Thursday, said in a statement that this can yield up to about 300 hotel rooms with an average room size of 215 sq ft.

    The asking price remains unchanged at S$188 million. This works out to a land rate of S$1,968 per sq ft per plot ratio, including a S$13 million development charge.

    Terence Lian, the head of investment sales at Huttons Asia, said that Singapore, being a global financial hub with an emphasis on MICE (meetings, incentives, conventions & exhibitions) tourism could "easily capitalise" on this trend by building more hotels.

    "It is a rare opportunity to invest in Katong Plaza due to a muted supply of hotels at a 10-year low, coupled with the rise in tourism here," he said.

    Huttons Asia said that Katong Plaza is nestled within an established food & beverage and retail belt in the heart of Katong. It is located about 120 m away from the future Marine Parade MRT station, which is seven stops away from Raffles Place MRT.

    The public tender for Katong Plaza closes on April 9 at 3 pm.
    This is a smart move to switch gears and think out of the box. I really hope there will be more rejuvenation along this heritage road.

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