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.
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A tender for the plum site at Paya Lebar Central, between the MRT station, Tanjong Katong Complex and City Plaza, was won by a consortium including Lend Lease and Abu Dhabi Investment Authority (ADIA). A mixed development including offices, retail space and 429 residential homes will be built on the site.
According to market rumours the residential component will be launched for sale in 2017. This is the first time the Australian Development group will be developing homes in Singapore. The project is given the approval to build 91,340sqm of office space and 43,740 sqm of retail space in addition to the 429 homes. A maxium of 164,794 sqm of gross floor space is available for development. The TOP of the project is expected to be in 2018.
On Sunday, Keppel Corp announced that Keppel Land has acquired a 22.4 per cent stake in 112 Katong mall from BHG, Imagine Properties and Perennial Singapore Investment for S$51.4 million.
Its fund management vehicle, Alpha Investment Partners also hold the remaining 77.6 per cent stake via Alpha Asia Macro Trends Fund. Keppel Land Retail Management will be appointed as the retail manager for the mall.
CEO of Keppel Land Ang Wee Gee said the property management company will focus on strengthening 112 Katong’s positioning as a lifestyle and dining destination in the East.
Hotel Indigo Singapore Katong opening next year at the former Joo Chiat Police Station, was noted in local press, for use of art of a local artist in their publicity. Hotel Indigo is the boutique brand of the InterContinental Hotels Group (IHG).
The artist, Richard Lee Xin Li , had a rude shock when he saw, in a facebook post, an artist’s impression of one of the hotel rooms had incorporated his illustrations without his permission. Mr Lee, 27, is known for his nostalgic renderings of Singapore icons.
Mr Lee noted these were lifted off a series of colour illustrations he did on Katong.
Hotel Indigo Singapore Katong is owned by Katong Holdings, which comprises three Singapore-based developers and builders: Master Contract Services, Keong Hong Construction and Asia Development.
When contacted, IHG vice-president of operations in South-east Asia Leanne Harwood said: “We understand that in the artist’s impression of the mock- up room for the hotel, imagery by local artist Richard Lee was unknowingly used. The owner has reached out to him with apologies and further discussions will be held to ascertain next steps.”
Ms Harwood said every Hotel Indigo property’s design reflects its neighbourhood, and the owners and consultants of the one in Katong hope to do the same by collaborating with the local community.
There are three sites for sale in the East and North East area.
Lodge 77, a freehold, three-storey residential development in Upper East Coast Road that houses two food and beverage outlets and a clinic on the first storey. The zoning for the land plot, is residential with commercial on the first floor. It has a land area of 13,123 sq ft and a gross plot ratio of 3.0 and can be redeveloped into a four-storey mixed-use development. The expected price is above $34.2 million from the sellers (land rate of about $1,100 psf ppr) including an estimated development charge of about $9 million. Strata Titles Board approval is not required. The property is understood to be owned by a company with shareholders from the Ngo family. Some of the members owned the former Gallery hotel in the Robertson Quay.
Serangoon site used for education.The property, which has a land area of 81,457 sq ft and gross floor area of 46,753 sq ft, is approved for education use and held under a 103-year leasehold tenure from 2012. The plot at 11 Hillside Drive, Serangoon, formerly the premises of CHIJ St Joseph’s Convent, was then used as a training school for foreign domestic workers. It is now tenanted to international school Hillside World Academy, with eight years left on its lease. Expected price for the property is $70 million upwards, with expected yield to be about 4 per cent. The site could be developed as residential in the future and also further maximize the asset’s potential. The site is zoned for residential use of plot ratio 0.8 under the 2014 Master Plan. The owner is Lucrum Capital, who bought the place 3 years ago from The Lady Superior of the Convent of the Holy Infant Jesus in Penang. The latter holds the 999-year leasehold title on the site starting 1878.
Two-storey light industrial building at the corner of Ubi road 2 and Ubi Avenue 3 via an expression of interest exercise. The owner is Moduslink Pte Ltd, an American supply chain and logistics services company which is open to a partial leaseback arrangement from the buyer, or vacant posession. The building of 167,692 sqft GFA reflects a plot ratio of 1.3m which is short of the 2.0 plot ratio stated in the Master Plan 2014. The site is zoned for B1 and leased from HDB with a 30+30 year term starting from 1990.
Singapore Post (SingPost) is redeveloping its centre at Paya Lebar to capitalise on the boom in e-commerce and cater to changing needs of consumers. A new $150 million mall, which will be completed around mid-2017, will offer both “online and offline shopping”.
Online retailers will be able to set up shop at the centre, where shoppers will be able to browse their products before making purchases and delivery arrangements via in-house computers.
Delivery services will also be offered to customers who shop “offline” at traditional stores that will also be in the 25,000 sq m mall, which will be developed at the Singapore Post Centre (SPC) next to Paya Lebar MRT station.
Golden Village Multiplex and Kopitiam foodcourt will be anchor tenants at the new mall. SingPost will manage the complex but it said it remains open to potential partnerships to jointly run the development.
Three 99-year leasehold conservation shophouse units in Geylang and Tanjong Pagar have been put up for sale.
The first property, at 157, 159 and 161 Geylang Road, has a land area of 2,988 sq ft, and an estimated floor area of 8,331 sq ft, its marketing agent Savills said yesterday.
The guide price for the two-storey corner shophouse, with a four-storey rear extension, is $10.8 million. This translates to about $1,296.40 per sq ft (psf) on the floor area.
Located near Kallang MRT station, the shophouse enjoys “prominent double frontage” along Geylang Road and Lorong 3 Geylang, Savills said. The current tenant is G7 Sin Ma Live Seafood Group.
The property, with 76 years left on its lease, is zoned for commercial use, with a plot ratio of 3.0, and an allowable building height of up to five storeys for new rear extensions under Master Plan 2014.
A pair of adjoining conservation shophouses at 84 and 86 Tanjong Pagar Road, in the Chinatown Historic District, is also up for sale.
The two units are held under separate titles but will be sold as a single property, Savills said. The three-storey shophouses have a total land area of 1,653 sq ft, and an estimated floor area of 4,564 sq ft.
With 71 years remaining on its tenure, the indicative pricing for the property is $9.5 million. This works out to $2081.50 psf on the floor area.
Savills said the shophouses are 200m from the upcoming Maxwell MRT station on the Thomson-East Coast Line, amid new developments in the neighbourhood, including Tanjong Pagar Centre, which is set to be Singapore’s tallest building when it is completed next year.
The adjoining units now have multiple tenants – with Gold’s Gym on the ground floor, an office on the second floor and tenancy being negotiated for the space on the third floor.
The two Tanjong Pagar shophouses are also zoned for commercial use under the current master plan. As such, there is no restriction on foreign ownership for the properties, and no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty will be imposed on the purchase of the shophouses.
“The rare availability of these properties with excellent attributes presents an exceptional and exciting opportunity for investors and end users seeking prime commercial shophouses,” said Mr Derrick Tan, associate director of investment sales at Savills.
Savills is inviting offers for expressions of interest to buy the properties, in an exercise closing on Nov 12.
A row of five conserved shophouses in the Joo Chiat Conservation Area is up for sale by expression of interest.
The adjoining shophouses have a total land area of about 7,504 sq ft. The site has a plot ratio of 3, which allows a maximum gross floor area of about 22,511 sq ft.
The vendor is a privately held investment holding firm which has held the freehold properties for more than 10 years. It is evaluating whether to sell the property in its freehold tenure, or to sell it on a 99-year leasehold basis and keep its reversionary interest after the lease expires, said marketing agent Chestertons.
“We are soliciting bids on a freehold and 99-year lease basis from prospective investors. Yield-driven investors may find the 99-year leasehold tenure more palatable,” said Mr Donald Han, managing director of Chestertons.
The vendor will decide the tenure disposal after the expression of interest closes.
It is expecting bids on a freehold basis to be more than $14 million.
Mr Han said sales activity in the area has increased of late, with more than 10 similar transactions in Joo Chiat Road since April.
The keen interest reflects its proximity to Paya Lebar, he said.
“Investors are looking for catalysts before deciding where and when to put their money.
“The Paya Lebar sub-regional centre is a compelling catalyst, where we have seen the completion and opening of OneKM Mall and Paya Lebar Square.”
Upcoming projects in the area include civic centre Wisma Geylang Serai and the large integrated development by Lend Lease and Abu Dhabi Investment Authority, which will have about 1.4 million sq ft of net lettable office and retail area, and another 440 residential units.
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