Freehold commercial building at Katong Point is for sale for $100 million

Katong Point, a four-storey freehold commercial building that has a basement carpark, is scheduled to be offered for sale at $100 million through tender on the 26th of October as per a press statement issued by Cushman and Wakefield. Cushman and Wakefield is the sole agent of marketing for Katong Point. property.

Lentor Hills Residences Guocoland Hong Leong joint venture and TID at S$585.6 million, equivalent to S$1 060 per square foot per plot ratio (psf ppr).

The property is situated on situated on the 451 Joo Chiat Road, Katong Point is situated on an totaling 13,346 sq ft that is zoned to commercial uses. It is a constructed area of 47,540 square feet and is completely used. In-principle approval to additional strata subdivision was granted.

The project was completed in the late 1990s, Katong Point was formerly named Katong Junction. The site underwent $12.5 million worth of construction and alteration work in the year 2016 before being renamed as Katong Point. Between 2020 and 2021, the park underwent another phase of renovations, which included reconstruction of the units, facade painting as well as electrical and plumbing improvements.

“Katong Point is a great option for investors who want palatable freehold property that can provide a steady earnings,” says Shaun Poh who is the director of capital markets, executive director for Cushman & Wakefield. “It is well-known to families due to the proximity of popular schools.”

Foreign buyers are able to purchase without additional buyers’ stamp duty or seller’s stamp duty to be paid.

The Katong Point is located in Joo Chiat, a historic town, renowned for its Peranakan cuisine, culture, and entertainment spots. Katong Point offers F&B, health, lifestyle, education and childcare services to Katong, Marine Parade and Mountbatten neighborhood. It is walking distance to the new Marine Parade MRT Station (on the Thomson-East Coast Line), set to open in 2024.