The freehold development is located close to the future Marine Parade MRT station, various schools and East Coast Park. (Photo: Huttons Asia)
Katong Plaza, a mixed commercial and residential development along Brooke Road in District 15, will be put up for collective sale on Thursday (7 June) with a price tag of $188 million.
Marketing agent Huttons Asia noted that the asking price works out to a land rate of $1,969 psf per plot ratio, after factoring in the development charge payable, reported the Business Times.
Completed in 1983, the freehold development comprises 14 units. It sits on a 34,044 sq ft site which has a gross plot ratio of 3.0. Terence Lian, head of investment sales at Huttons Asia, believes the site could yield about 102,133 sq ft of gross floor area (GFA) following redevelopment.
The site is 120m away from the future Marine Parade MRT station, with nearby amenities including Parkway Parade, I12 Katong and East Coast Park. It is also within the vicinity of various schools such as Haig’s Girls’ School, Tao Nan School, Tanjong Katong Primary School and CHIJ (Katong) Primary.
Based on the Urban Redevelopment Authority’s guidelines, at least 60 percent of the GFA in the new development will be zoned residential and the other 40 percent for commercial use.
However, the winning developer may choose to increase the residential use of the new development to 80 percent under the present master plan zoning, but subject to approval from URA, explained Angela Lim, deputy head of investment sales at Huttons Asia.
“Katong Plaza is strategically nestled within an established F&B (food and beverage) and retail belt in the heart of Katong. We see a huge potential for the site to be transformed as the successful developer could introduce lifestyle cafes and eateries along the plot’s existing 150m frontage along Brooke Road,” he said.
“We envisage Brooke Road to form a vibrant weather-friendly thoroughfare lined with alfresco dining and activities that would help seamlessly link up the Katong/Joo Chiat area with the future Marine Parade MRT station.”
The tender for Katong Plaza closes on 16 July.