Freehold Katong Plaza will be launched for collective sale today with a $188 million price tag.
The expected price translates to $1,969 per square foot per plot ratio for the mixed commercial and residential development, after factoring in the payable development charge. The public tender closes at 2pm on July 16.
The site has a land area of 34,044 sq ft with a gross plot ratio of 3.0, and can yield a possible 102,133 sq ft of gross floor area (GFA) after redevelopment.
It is located 120m away from the future Marine Parade MRT station, and is in the vicinity of schools such as Tao Nan School and amenities such as Parkway Parade, 112 Katong and East Coast Park.
According to the Urban Redevelopment Authority’s (URA) guidelines, a minimum of 60 per cent of the GFA in the new development will need to be zoned for residential use, with the remaining 40 per cent for commercial purposes.
With continued strong demand for residential homes in the Katong area, the winning developer could also choose to increase residential use to 80 per cent, with the remaining 20 per cent for commercial use under the current master plan zoning, subject to URA approval.
Adapted from: The Straits Times, 6 June 2018