Katong Shopping Centre put up for collective sale for a third time

Katong Shopping Centre has been put up for collective sale for the third time.

The reserve price is set at S$630 million. This translates to a land price of S$2,248 per square foot per plot ratio.

The mall, which contains 425 units, sits on a freehold plot of nearly 87,000 square feet. Situated along Mountbatten Road, it houses among others, offices, employment agencies, printing and tailoring services shops, and eateries.

According to marketing agent Cushman & Wakefield, owners controlling at least 80 per cent of the share value and total area have agreed to the proposed sale.

The mall launched its first attempt at an en bloc sale in January 2010 for S$445 million. The deal fell through, and a second attempt was launched in June 2014.

Katong Shopping Centre was Singapore’s first air-conditioned mall when it opened its doors in 1973.

Source : Channel NewsAsia – 15 Jun 2016

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