Katong Shopping Centre (KSC) in Katong/East Coast area is making a third time try at the collective sale market, with a asking price of about $630m. More than 80% of owners have agreed to the proposed sale. CDL owns 60 units and 323 carpark spaces in the mall. KSC is built in 1973, at a cost of $20m to CDL.
The psf price of %2248 is seen high in today’s market. The 86,924 sqft site with plot ratio of 3.0 is zoned for commercial and residential use. The current gross floor area (GFA) is 280,203sqft. The agent responsible for the collective sale, Cushman & Wakefield, is applying to URA for outline permission for full commercial site.
The venue is also a prime ideal for additions and alterations to recreate a landmark mall in Katong. A potential 32K sqft space may be set aside for medical suites. The site is within 500-600m of the future MRT stations of Marine Parade and Amber. The tender is due 8 Sept 2016.