Joo Chiat's Katong Junction up for sale

Published on Oct 02, 2012

By Amanda Tan

A COMMERCIAL block in Katong has been launched for sale by public tender by property consultancy CBRE.

The four-storey, freehold Katong Junction building is opposite the 112 Katong mall in Joo Chiat Road and zoned for commercial use. It has 13,346 sq ft of area, a 30-space basement carpark as well as a wide frontage.

Ms Sammi Lim, CBRE's senior manager for investment properties, noted that the property was valued in August at $62 million. Bids are expected at that level.

CBRE noted that the area is an "established private residential enclave" with a "vibrant and affluent neighbourhood" and is also home to many popular eateries.

It said the sale is a "rare opportunity" to buy a freehold commercial property in the prime neighbourhood.

According to caveats lodged, nearby Joo Chiat Hotel was sold for $25.8 million in May and GRTH Building, also in the vicinity, was sold in March for $76.1 million or $1,298 per sq ft per plot ratio.

CBRE said the tender is open to locals and foreigners.

The building can be used for various activities including retail, food and beverage, offices and learning centres or even a hotel, if approval is granted.

Ms Lim, in a statement yesterday, said: "Amid the strong interest in commercial properties... CBRE expects the property to attract strong interest from developers, retailers, hoteliers, property funds, private equity, family offices and high net-worth individuals."

She added that the buyer will also be entitled to naming and signage rights.

The tender closes at 3pm on Nov 2.

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