Katong Mall has been sold in a collective transaction to property developer Tuan Sing Group for S$219 million.
Including a premium of S$24.5 million to top up the site’s lease, the price works out to about S$865 per square foot of gross floor area.
The tender for the 99-year leasehold commercial development in the Marine Parade area was launched in May.
Katong Mall, located at the junction of East Coast Road and Joo Chiat Road, is currently a four-storey building with three basements.
Under the Master Plan, the 78,158 square foot site is zoned for commercial use. It has a gross plot ratio of up to 3.6, with the allowable building height subject to evaluation.
Outline planning permission has been obtained for either a full commercial development or a mixed development with residential and commercial space.
The new development could yield some 100 residential units of 1,200 square feet each, and 185 commercial or retail units with an average size of 400 square feet. – CNA/ms
Source : Channel NewsAsia – 30 Jun 2008