Katong Plaza relaunched for collective sale with approval for hotel use.
Katong Plaza, currently zoned for commercial and residential use, has obtained approval from URA for hotel use at Gross Plot Ratio of 3.0. The freehold site has a land area of 34,044 sq ft and a total allowable maximum gross floor area of 102,133 sq ft which can yield up to about 300 hotel rooms with an average room size of 215 sq ft (20 sq m).
The site is to be relaunched for sale by public tender on 7 March 2019 by sole marketing agent Huttons Asia Pte Ltd. Its asking price remains unchanged at $188 million, translating to a land rate of $1,968 per sq ft per plot ratio including a development charge of approximately $13 million.
Mr Terence Lian, Head of Investment Sales at Huttons Asia says: “Singapore being a global financial hub with an emphasis on MICE (Meetings, Incentive, Conventions & Exhibitions) tourism could easily capitalise on this trend by building more hotels. It is a rare opportunity to invest in Katong Plaza due to a muted supply of hotels at a ten-year low, coupled with the rise in tourism here”.
Ms Angela Lim, Deputy Head of Investment Sales elaborates: “Katong Plaza is strategically nestled within an established F&B and retail belt in the heart of Katong. It is also conveniently located 120m away from the future Marine Parade MRT Station, and a stone’s throw away from social and lifestyle amenities making this an ideal location for both leisure and business travelers to enjoy the convenient and laid-back lifestyle that is characteristic of the culturally-rich Katong area.”
It has excellent accessibility, as the future Marine Parade station is just seven stops away from Raffles Place MRT Station and it is some 10 to 15 minutes’ drive to Changi International Airport and the city centre.
The public tender for Katong Plaza closes on 9 April 2019, Tuesday at 3 pm.