Katong Regency pricey but likely to draw buyers

Katong Regency pricey but likely to draw buyers

A mixed used freehold project to be launched in Paya Lebar on Thursday is expected to get a good response despite a hefty price tag, property consultants said.

Residential units at Katong Regency, which sits on the former Lion City Hotel and Hollywood Theatre sites, will cost an average of $1,500 to $1,600 per sq ft (psf), a price experts said is 'on the high side'.

However, given that the area is fairly middle-class, there will be a catchment of residents here who have the means to buy this project.

More than half of the residences at Katong Regency are one-bedroom and one-plus-study units. Prices for a 550 sq ft one-bedroom unit start at about $950,000 and go up to over $2.5 million for a 1,970 sq ft three-bedroom penthouse.

A major selling point could be the upcoming rejuvenation of the Paya Lebar area, consultants said. This could have possible spillover effects for Katong Regency, potentially enabling a one bedroom unit to command a monthly rent of $3,000.

A new mall, One KM, will be built on the lower levels below the flats.

Mr Kam Tin Seah, senior general manager of UOL Group, said yesterday that the mall, with a net lettable area of 210,000 sq ft, will follow a similar concept seen in United Square, but will focus more on performing arts education.

Source: The Straits Times – 17 April 2012