More than just laksa at Katong

The landlord of the former Katong Mall, due to re-open in the third quarter next year, unveiled key tenants like Golden Village Multiplex, Market Place by Cold Storage and the BreadTalk Group on Friday.

After a $60-million facelift, landlord Perennial Katong Retail Trust said the tenants will take up 32 per cent of retail space at Katong Mall.

The revamped mall will have a net lettable area of about 207,000 square feet, a 20 per cent increase in space from the existing site. The six-storey mall will fetch a rent of $12 per square foot on average. Food and beverage outlets are expected to make up more than 30 per cent of its tenants. The mall will also increase its car park lots by more than 70 per cent.

Katong Mall was sold in November for $247.55 million to Perennial Katong Retail Trust – headed by Mr Pua Seck Guan, former head of CapitaLand’s retail unit.

Golden Cape Investments, a wholly-owned subsidiary of Mainboard-listed Tuan Sing Holdings, secured 100-per-cent ownership of Katong Mall through a successful bidding of $219 million in an en-bloc sale in June 2008. Prior to that, Golden Cape already owned 72 per cent of the total strata floor area of Katong Mall.

Source : Today – 10 Jul 2010

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