Joo Chiat's Katong Junction up for sale

Commercial block in Katong has been launched for sale by public tender.

The four-storey, freehold Katong Junction building is opposite the 112 Katong mall in Joo Chiat Road and zoned for commercial use. It has 13,346 sq ft of area, a 30-space basement carpark as well as a wide frontage.

The property was valued in August at $62 million. Bids are expected at that level.

According to caveats lodged, nearby Joo Chiat Hotel was sold for $25.8 million in May and GRTH Building, also in the vicinity, was sold in March for $76.1 million or $1,298 per sq ft per plot ratio.

The tender is open to locals and foreigners.

The building can be used for various activities including retail, food and beverage, offices and learning centres or even a hotel, if approval is granted.

The buyer will also be entitled to naming and signage rights.

The tender closes at 3pm on Nov 2.

Source: The Straits Times – 2 October 2012