Katong Shopping Centre

Katong Shopping Centre
Location Katong, Singapore
Address 865 Mountbatten Road
Opening date 1973
Management Savills Property Management
No. of stores and services More than 300
No. of anchor tenants 3
Total retail floor area 90,000 square feet (8,400 m2)
No. of floors 7
Website Official website

Katong Shopping Centre (Chinese: 加东购物中心) is a shopping mall located along Mountbatten Road in Singapore. Established in 1971 and opened to the public in 1973, it is the first air-conditioned mall in Singapore. Katong Shopping Centre is situated around Odeon Theater, Church of the Holy Family, and Roxy Square, as well as several hotels, such as Paramount Hotel and the Grand Mercure Roxy Hotel. The aging mall was once home to mostly textile, shoe and food outlets,[1] and now houses a large number of services which include tailoring, photocopying/printing and several employment agencies.

En-Bloc status

Katong Shopping Centre is among a handful of malls undergoing en bloc sales.

In mid January 2010, 80% of the 410 owners gave their approval to the en bloc sales. Owners were expected to receive a reserve price of at least $2000 per sq ft.[2]

In August 2011, the mall embarked on its first attempt at en bloc sales, slated to be completed in mid-2012. But the $445 million deal fell through. Back then, the apportioned value to each owner was an average of $2,000 to $2,800 per square foot.[3]

As of June 2014, the second attempt is now on again. The asking price could be higher than in the first attempt in 2011. But pricing has been a big issue and could continue to be a sticking point, with some units at the mall transacting at attractive prices recently. According to Squarefoot Research, a small shop unit at the mall was sold for a record price of more than $6,300 per square foot in May 2014. Two months earlier, another shop fetched over $4,200 psf.

Gallery

References

  1. ↑ Elizabeth Gwee (15 January 1998). "Back to the future for aging malls". The Straits Times.
  2. ↑ Tan Dawn Wei (12 January 2010). "Ageing malls going for en bloc sale". The Straits Times.
  3. ↑ "Katong Shopping Centre second shot at En Bloc". 26 June 2014. Retrieved 27 June 2014.


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