Katong Plaza, a mixed development in District 15 has relaunched their Collective Sale.
The Urban Redevelopment Authority or URA approved this freehold site for hotel use. It has gross plot ratio of 3.0 and the commercial site measures 34,044 square feet and 102,133 sq ft as its gross floor area.
Serving as Katong Plaza’s marketing agent, Huttons Asia did the re-launching and sale of the site on Thursday.
It stated that if this site redevelops into a hotel, it can yield up to 300 rooms with each room measuring to 215 square feet.
The site’s asking price still remains at S$188 million. Including the S$13 million development charge, the land rate translates to around S$1,968 psf ppr.
According to Terrence Lian, Huttons Asia’s investment sales head said that Singapore is definitely a global financial hub for financial matters which also include incentives, meetings, exhibitions and conventions.
As such, tourism can easily capitalize on the current trend by constructing more hotels.
He said that investing in Katong Plaza is a rare opportunity due to the low influx of hotel services during the past ten years. This is made even more lucrative by the increase of the country’s tourism.
According to Huttons Asia, Katong Plaza is situated in the center of Katong, an area where food and beverage are at their peak. It is just 120 meters away from Marine Parade’s MRT station and just 7 stops from Raffles Place’s MRT.
The tender for Katong Plaza will end on the 9th of April, 2019 at 3 pm.