A public tender for the Katong Plaza freehold site in Singapore is expected to be launched June 7, with a price tag of S$188 million, The (Singapore) Business Times reported, citing Huttons Asia.
The price is equivalent to S$1,969 per square foot per plot ratio after the addition of a payable development charge. The commercial asset contains a land area of 34,044 square feet, with a gross plot ratio of 3.0, and has the potential to offer a gross floor area of 102,133 square feet following a redevelopment, the June 5 report noted, citing Huttons Asia head of investment sales, Terence Lian.
Under Singapore's Urban Redevelopment Authority guidelines, at least 60% of the gross floor area in the redevelopment has to be zoned for residential use, with the remaining 40% to be earmarked for commercial space.
The tender is scheduled to close at 2 p.m. local time on July 16, the publication added.
As of June 4, US$1 was equivalent to S$1.34.
