reporter2
26-10-22, 16:52
Katong Point to launch for sale via tender at S$100m
Oct 25, 2022
THE newly-refurbished Katong Point will be launched for sale via tender on Oct 26, 2022 at the price tag of S$100 million, announced global real estate services firm Cushman & Wakefield on Tuesday (Oct 25).
Located at 451 Joo Chiat Road, the four-storey freehold commercial development has a basement carpark and was formerly known as Katong Junction.
Built in the late 1990s, the development was later renamed Katong Point after undergoing a comprehensive S$12.5 million addition-and-alteration exercise in 2016. A further sum of capital expenditure was invested over 2020-2021 to include unit re-configuration, facade painting, as well as electrical and plumbing works.
The property now has a site area of about 13,346 square feet (sq ft) and a gross floor area of about 47,450 sq ft.
Zoned “commercial” under the URA (Urban Redevelopment Authority) Master Plan 2019, the site also comes with a previously obtained in-principle approval for further strata subdivision.
According to Cushman & Wakefield’s executive director of capital markets Shaun Poh, the property “enjoys a catchment of families with a higher propensity to consume given its proximity to popular schools and amenities”.
It is therefore “no surprise” that Katong Point is currently 100 per cent occupied, he added.
The property’s first level comprises a newly opened lifestyle grocer with a restaurant and takeaway coffee bar. Retail shops, gyms, clinics, and commercial schools are spread across levels two and three, while a childcare tenant occupies the entire fourth level.
Highlighting the freehold asset’s proximity to Marine Parade MRT station, expected to open in 2024, Poh said the sale was an “excellent opportunity” for investors given its medium-size and prospect of long-term stable income.
“This is an excellent opportunity for investors who are looking for a palatable-sized freehold asset with long-term stable income that will be conveniently served by the new Marine Parade MRT station slated to open in 2024,” said Poh.
The tender for Katong Point will close at 3pm on Nov 22.
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/katong-point-to-launch-for-sale-via-tender-at-s100m
Oct 25, 2022
THE newly-refurbished Katong Point will be launched for sale via tender on Oct 26, 2022 at the price tag of S$100 million, announced global real estate services firm Cushman & Wakefield on Tuesday (Oct 25).
Located at 451 Joo Chiat Road, the four-storey freehold commercial development has a basement carpark and was formerly known as Katong Junction.
Built in the late 1990s, the development was later renamed Katong Point after undergoing a comprehensive S$12.5 million addition-and-alteration exercise in 2016. A further sum of capital expenditure was invested over 2020-2021 to include unit re-configuration, facade painting, as well as electrical and plumbing works.
The property now has a site area of about 13,346 square feet (sq ft) and a gross floor area of about 47,450 sq ft.
Zoned “commercial” under the URA (Urban Redevelopment Authority) Master Plan 2019, the site also comes with a previously obtained in-principle approval for further strata subdivision.
According to Cushman & Wakefield’s executive director of capital markets Shaun Poh, the property “enjoys a catchment of families with a higher propensity to consume given its proximity to popular schools and amenities”.
It is therefore “no surprise” that Katong Point is currently 100 per cent occupied, he added.
The property’s first level comprises a newly opened lifestyle grocer with a restaurant and takeaway coffee bar. Retail shops, gyms, clinics, and commercial schools are spread across levels two and three, while a childcare tenant occupies the entire fourth level.
Highlighting the freehold asset’s proximity to Marine Parade MRT station, expected to open in 2024, Poh said the sale was an “excellent opportunity” for investors given its medium-size and prospect of long-term stable income.
“This is an excellent opportunity for investors who are looking for a palatable-sized freehold asset with long-term stable income that will be conveniently served by the new Marine Parade MRT station slated to open in 2024,” said Poh.
The tender for Katong Point will close at 3pm on Nov 22.
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/katong-point-to-launch-for-sale-via-tender-at-s100m