Katong Shopping Centre seeking buyer again

Singapore’s landmark Katong Shopping Centre may soon try for the third time to seek a buyer, with an asking price of about S$630 million (US$465.786 million).

More than 80 per cent of the owners of the 425-unit mall agree to the proposed sale.

City Developments (CDL) owns 60 units and 323 carpark spaces at the mall, which is one of the oldest in Singapore. The complex cost a CDL subsidiary $20 million to build in 1973. It now mainly caters to maid agencies, printing shops and textile and clothes outlets, with offices on the upper floors. The 90,000 sqft  (8361 sqm) site is zoned for commercial and residential use.

Katong Shopping Center. 1

Cushman & Wakefield, which is handling the sale, has applied for outline planning permission for full commercial use, as well as proposing more gross floor area for medical suites.

Many units at the freehold mall are leased out.

Meanwhile, Jalan Besar Plaza has also been launched for collective sale, with a minimum asking price of $380 million.

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