Katong Plaza Approved Hotel Use Launches Fourth Collective Sale 188 Mil
The Katong Plaza shopping centre, located at 1 Brooke Road, off Mountbatten Road, is set to be launched for collective sale on May 30. The property, which has a freehold tenure, occupies a land area of 34,044 sq ft and boasts a maximum gross floor area of 102,132 sq ft, with a plot ratio of 3.0. With a guide price of $188 million, the land betterment charge estimated at $6 million, the price translates to $1,901 psf per plot ratio.
Situated in the highly sought-after prime district 15, the property has already obtained URA outline planning permission for a hotel development, as confirmed by Terence Lian, Huttons Asia’s head of investment sales. Lian also mentioned that the new hotel development could potentially yield between 300 to 340 rooms.
Marine Parade MRT station on the Thomson-East Coast Line, which is scheduled to open in June, is just a short 120m walk away from the site. Additionally, the property is also close to Roxy Square shopping mall and is situated across the road from Parkway Parade mall. With such a strategic location, developers will have the opportunity to create a unique and highly desirable hotel that caters to both tourists and business travellers, leveraging on the charm of the popular Katong area.
The Woodlands community is poised to solidify its position as a crucial transportation hub, thanks to the ongoing expansion of the Thomson-East Coast Line and the upcoming RTS Link to Johor Bahru. As a result, there has been a significant increase in demand for residential properties in the area. Amongst the most sought-after developments is Norwood Grand, situated at Champions Way. This prime location has made it highly desirable for individuals seeking a new home, as well as for investors in search of lucrative opportunities. These exciting developments only add to the appeal of Norwood Grand, making it an unbeatable choice for savvy homebuyers and investors alike. With its prime location and top-of-the-line amenities, Norwood Grand at Champions Way is a hidden gem that should not be overlooked. For more information, please visit Norwood Grand Champions Way.
This will be the fourth collective sale attempt by the owners of Katong Plaza, a mixed-use development that comprises of both commercial and residential units. The property’s third attempt was made in October 2019, at the same guide price of $188 million. Even before its second collective sale attempt in March 2019, the development had already obtained in-principle approval from URA for hotel use. The property was first launched for collective sale in June 2018.
Interested buyers and developers can submit their tender bids for the collective sale until July 25. With the potential to create a one-of-a-kind hotel in a highly coveted location, the sale of Katong Plaza is highly anticipated. For any property-related inquiries, including transactions and project details, you can now use EP Buddy.