One of the landmarks of Katong, revamped several times to boost retail traffic, but failed dismally on numerous occasions has just been put up for sale this week, with an indicative price of S$220 to S$250 million.  Katong Mall is a 99-year leasehold property comprises strata-titled commercial units used as shops, showrooms and offices. According to its marketing agent – Jones Lang LaSalle the site can be rebuilt into a mixed development comprising of residential and commercial units. Its prime location near to Parkway Parade and numerous other amenities and the East Coast Road food parade, makes it a fantastic residential development.

 The four-storey mall has a land area of 78,158 sq ft with a gross plot ratio of 3.6. This works out to a gross floor area of 281,369 sq ft – an indicative sale price of $782 per sq ft (psf) to $888 psf per plot ratio.

Developers have an extra option: JLL said it has also obtained outline planning permission for a mixed development with an approved plot ratio of three – a gross floor area of up to 234,474 sq ft. This is subject to the relevant authorities’ approval and payment of a development charge.

Located at the junction of East Coast Road and Joo Chiat Road, the project could yield about 490 commercial units of 400 sq ft each, or 100 residential homes and 185 commercial units of 1,200 sq ft and 400 sq ft, respectively.

However given the present cool circumstances of the property market, it remains to be seen if Katong Mall is able to attract buyers at the indicative price.