Having spent quarter of a century here, the owners of Katong Plaza announced the launch of En Bloc Sale on 5th July 2018 through their Marketing Agent, Huttons Asia.
They had set the guide price at S$188 million. This price tag has been worked out with S$1,969 psf ppr including development charges.
But the tender saw no takers when it closed on July 16, 2018. The result was the same when the date was extended until September 11, 2018.
However, the owners are not disheartened and have actually geared up for yet another launch.
Built in 1983, it’s a freehold property with a land area of 34,044 sq ft and having 3.0 gross plot ratio. Mr. Terrance Lian, Head of Investment Sales, Huttons Asia has indicated that it could be redeveloped into 102,133 sq ft GFA.
As per URA guidelines, at least 60% of this GFA should be earmarked for residential purpose and the balance for commercial establishments.
As the property is surrounded by schools like Tao Nan School, St Patrick’s School, Haig’s Girls’ School, Opera Estate Primary, CHIJ Katong Primary and Tanjong Katong Primary School, it is a much sought-after dwelling place by families.
The Marine Parade MRT station expected to be completed in 2023 is just 120 meters from here. Shopping Malls like Parkway Parade and 112 Katong, and lifestyle attractions like East Coast Park are in close proximity distance.
The hallmark feature of this property is the 150m frontage along Brooke Road. Ms. Lee suggests a wide choice of amenities that could be developed on this frontage especially F&B outlets, retail shops etc. to attract crowd that already frequents this area.
So, opportunity knocks once again on the doors of the developers. Need to wait and watch to see who grabs this unique opportunity!