Katong Shopping Centre, the first in Singapore to have air conditioning, will be redeveloped as a mall with serviced residences.

Approval for the redevelopment has been secured by real-estate services company Cushman & Wakefield, which is putting the project up for tender with a reserve price of S$630 million (US$448.3 million). This translates to a land price of S2248 a sqft of gross floor area, says Cushman & Wakefield, the exclusive marketing agent for the property.

Katong Shopping Centre has a frontage of nearly 170m at the eastern end of Mountbatten Road, leading to East Coast Road, on 80076 sqm of freehold land. It is close to regional business hubs in Changi Business Park and Paya Lebar, as well as hotels, and is within walking distance of the upcoming Tanjong Katong and Marine Parade MRT stations on the Thomson-East Coast line.

No development charges are payable, and tenders close on March 13.