Serious Katong Shopping Centre the grand old dame en bloc asking $630 million, huat ah!

http://www.todayonline.com/business/katong-shopping-centre-collective-sale-again-s630-million

SINGAPORE - Katong Shopping Centre, Singapore’s first air-conditioned shopping mall, has been put up for collective sale again at an unchanged reserve price of S$630 million, marketing agent Cushman & Wakefield said on Monday (Feb 27).

Although the current Master Plan zoning for Katong Shopping Centre is “Commercial & Residential” with a plot ratio of 3, approval has been secured for the development of a brand new mall and serviced residences at a plot ratio of 3.223 with no development charges payable, Cushman & Wakefield said.

The shopping centre, a landmark in the eastern part of Singapore since it opened in 1973, is sited on freehold land with an area of 86,924 sq ft. The reserve price translates to about S$2,248 per square foot of gross floor area.

Katong Shopping Centre is in close proximity to regional business hubs in Paya Lebar and Changi Business Park, as well as hotels such as The Holiday Inn Express, Hotel Indigo, Village Hotel and Grand Mercure Roxy. It is also within walking distance to the Tanjong Katong and Marine Parade MRT stations on the upcoming Thomson-East Coast line, the marketing agent said.

According to Ms Christina Sim, Director of Capital Markets in Cushman & Wakefield, suburban retail developments, due to their staple offerings, have become prime commercial assets that have generally withstood the waxing and waning of economic forces and tourist arrivals. “The sector has emerged relatively unscathed from the rising vacancy levels experienced in the central area. This part of the East Coast enjoys a captive residential catchment, as it is home to many affluent and well-heeled residents. The development is ideal for opportunities such as the serviced residential market. With the completion of the Thomson-East Coast Line in 2023, this catchment is expected to grow even further with the influx of large-scale events and the upcoming completion of Project Jewel, Changi Airport’s new retail and lifestyle complex,” she said.

The tender exercise closes on March 13.

Ksc owned by who ?

Strata. Mostly single owners, but there are some who own several units.

This en bloc has failed many times because the development potential is fully utilised.

In fact the current 3.223 plot ratio already exceeds the Master Plan 3.0 zoning.

Unless the price is more reasonable or Paya Lebar takes off in a big way, this dame is here to stay.

i will miss the chicken rice stall at the basement...:o

only fools will go for it................unless demolish the mall and build condos....................but the land too small for that..................build another mall sure die one.......

EnBloc said:

Strata. Mostly single owners, but there are some who own several units.

This en bloc has failed many times because the development potential is fully utilised.

In fact the current 3.223 plot ratio already exceeds the Master Plan 3.0 zoning.

Unless the price is more reasonable or Paya Lebar takes off in a big way, this dame is here to stay.

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Heard it failed many times also due to near paya lebar air space. Use maybe be restricted.

CoffeeAhSoh said:

Heard it failed many times also due to near paya lebar air space. Use maybe be restricted.

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Ya.they will limit the height of building

This 3rd attempt might just do it. They now have permission for mall/serviced apartments and the they also got the green light to increase the plot ratio to 3.223. Many of the units have also gone to speculators in recents months and these sort of speculators are not your mom and days. The non-change in reserve price also indicates an insight track on a potential buyer. Developers typically demand that all permission for specific use be cleared by the authorities thru the seller.
As a mall they have one distinct advantage that most buildings do not have - the unusual long frontage. Thats premium space.

scroobal said:

This 3rd attempt might just do it. They now have permission for mall/serviced apartments and the they also got the green light to increase the plot ratio to 3.223. Many of the units have also gone to speculators in recents months and these sort of speculators are not your mom and days. The non-change in reserve price also indicates an insight track on a potential buyer. Developers typically demand that all permission for specific use be cleared by the authorities thru the seller.
As a mall they have one distinct advantage that most buildings do not have - the unusual long frontage. Thats premium space.

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syndicate at work ? "Front running" again . CAD should do a check all all these

recent buyers. Just as IRAS check on skillsfuture cheats in jan 2017.

Ralders said:

Ya.they will limit the height of building

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Yup.

Heard this is the 3rd time finally succeed sold.
Heard they building condo.

no_faith said:

Heard this is the 3rd time finally succeed sold.
Heard they building condo.

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The Shore is hardly occupied and they want another condo opposite.....

Not necessarily. It common for developers to approach sellers to get the permission on various things before committing. Speculators who have the inside track are likely come from 3 possible areas - potential buyer, seller or the seller's agent. The plot ratio increase is a good indicator that potential buyer has asked for some specifics. URA won't allow these kinds of exception unless the specific use is articulated.

CoffeeAhSoh said:

syndicate at work ? "Front running" again . CAD should do a check all all these

recent buyers. Just as IRAS check on skillsfuture cheats in jan 2017.

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CoffeeAhSoh said:

Ksc owned by who ?

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all maid agencies there die pain pain........ no sympathy for the shitty ones,,,,,,,,,,,

One investor owner told me a China developer expressed interest not far from reserve but with a long list of requirements and guarantees.

He is a long-term investor with multiple units, first one bought in 1999, so he is already sitting on big paper profits even if nothing comes out from this tender.

krafty said:

i will miss the chicken rice stall at the basement...:o

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The chicken rice stall is till there at the basement, standard, as usual had fallen; just ate there recently. Many of the old time shops have gone & slowly closing off. Use to go there, when young, when it was illegal software hub. The shops selling toys for collectors gone some time ago, the shoes shop at the 2nd floor, after the escalator is gone, closed somewhere last year. I saw Sri Dewa, still there & quite a few old days shops still around. The shopping centre is slowly but surely...dying....it is now & was for sometime, Maid Agencies Hub.

The shop selling 4D/Toto, which had been there for decades closed some time ago..their was EMPORIUM at one end, closed ages ago & this place, was once a shopping centre....together with Tay Ban Guan, now gone, down the road.

What about the Spore ghost busters. Are they still there ?
http://www.property-report.com/call-the-ghostbusters-of-singapore/

They may be needed to get rid of the one who haunts the Istana