For Katong Shopping Centre En Bloc sale at $630m is Imminent
This condo for sale comprising 425 units is basically a shopping complex that caters for the following services amongst others:
- Printing shop outlets where all manners of jobs related to printing are carried out.
- There is a textile and clothes outlet for all categories of your textile needs.
- Are you into maid services? Or put differently, do you have interest of any form in maid service? There is a maid service outlet to cater for the needs in this regard.
If this sale becomes a reality, then this is the third time that this oldest shopping mall in Singapore will be going to the public for sale. This complex began its life in existence in the year 1973. It has an appealing exterior to all; painted in blue color.
The estimated cost of this principal garden as at 1973 was put at $20 million. It was more modern than every other mall then in 1973; furthermore, it ranked as the largest in the east as at that time in question. It has been zoned for residential and commercial purposes just like some of the major Singaporean residential units and new launch condo units such as the upcoming Kingsford waterbay, the Sturdee Residencesand Botanique at Bartley.
Those handling the sale are proposing that the mall will be put to a full scale commercial use in conformity with its current use. However, an addition of medical suites to what currently exists is in the pipeline.
Most of the units are on lease agreement; those holding forth in such malls are less bothered about the impending change of ownership. To them, any change will only see them move on. To others, it is a tale of lamentations.
Getting a rented apartment at a new shopping mall in Singapore will cost more than what is obtained in the Katong Shopping Mall. It is not even easy to come by such malls in the first place.
There are some challenges that a sale poses; it can be very huge. The market is very sensitive to the price regime. If this sale were to go retail, then the degree of success would have been higher than what is presently obtained.