A commercial building was sold en bloc, but should it be picked up by a developer, the site may be prime for a new mixed-use commercial and residential development. Katong Plaza sits near the upcoming Marine Parade MRT station will make it a worthy pick, no doubt.
The mixed-use site near Marine Parade MRT station 0n sale for $188 million
The 34,044 sq ft site is being sold for $188 million, which translates to $1,969 psf ppr after taking into consideration the payable development charge. It has a gross plot ratio of 3.0 and could potentially yield 102,133 sq ft in gross floor area, almost triple that of its current.
The site is zoned for commercial and residential use and has the desirable location of being near the Marine Parade MRT station. There are also a number of good schools nearby such as Tao Nan School, CHIJ Katong (Primary), Victoria Junior College and Victoria School. Katong 112 mall is also just a short drive away and East Coast Park is just streets away to provide recreation and lifestyle opportunities.
New development on this site can take advantage of location and clear frontage
60% of the new development will need to be relegated to residential use, while the remaining 40% can be used for commercial purposes. Developers may, however, choose to increase the residential usage to 80%, especially since demand for residential properties in the Katong area remains strong.
The building also has good frontage on Brooke road and has the site has good potential for eateries and lifestyle businesses. The area also provides a link between Joo Chiat and Katong.