Chinatown Plaza, Katong Park Towers up for collective sale

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Chinatown Plaza wants $270m; Katong Park Towers has $288m reserve price

Two prime sites were put up for collective sale yesterday - as strong a sign as any that owners still see plenty of life in the market even after last year's buying rush.

The juicier site may be Chinatown Plaza, near the Central Business District, but a residential plot in Katong will likely lure its share of bidders too.

Chinatown Plaza, a freehold mixed-use redevelopment site at the junction of Craig Road and Neil Road, is zoned for commercial and residential use with an asking price of $270 million.

It sits on a land area of about 33,953 sq ft. The asking price equates to $1,989 per square foot per plot ratio (psf ppr) of potential gross floor area with no development charge payable.

The property is also near the popular Keong Saik Road area, which has seen an influx of food and beverage outlets, co-working spaces and boutique hotels.

"The developer-investor can pre-sell the residential units to capitalise on the upturn in the private residential market and hold the freehold commercial space for investment or as their corporate office," said Ms Swee Shou Fern, senior director of investment advisory at marketing agent Edmund Tie & Company.

Separately, Katong Park Towers is also up for sale, with a reserve price of $288 million, or about $1,165 psf ppr.

The minimal development charge is about $5.6 million for the additional 10 per cent bonus balcony and there is an estimated lease upgrading premium of $51 million, said Ms Christina Sim, director of capital markets at marketing agent Cushman & Wakefield.

The 99-year leasehold residential site at 114A, Arthur Road, has a land area of 140,758 sq ft. It is about 200m from Katong Park MRT station, which is expected to be completed in 2023.

The site has a plot ratio of 2.1 times and a maximum height of 24 storeys.

It could yield about 390 apartments at an average size of 70 sq m per unit, Cushman & Wakefield said.

It is also near Chung Cheng High School (Main), Dunman High School and the Canadian International School.

The tender for Katong Park Towers closes at 3pm on March 15, while that for Chinatown Plaza closes at noon on the same day. - THE STRAITS TIMES