FACED with flagging businesses and dwindling human traffic, the shop owners of several commercial buildings in Katong are coming together to sell their properties en bloc.
This has led to renewed interest in the old East Coast hotspot recently, sparking hopes among residents and shopkeepers nearby that the area - famed for its good food and old-world charm - will get the rejuvenation it needs to boost its image.
At least five commercial buildings along Mountbatten Road and East Coast Road have appointed marketing agents to launch collective sales.
These include Katong Mall, Paramount Hotel and Shopping Centre, Roxy Square, Katong Plaza and the iconic Katong Shopping Centre, said Mr Lui Seng Fatt, the regional director and head of investments at Jones Lang LaSalle.
Back in its heyday, Katong Shopping Centre was the heart and soul of the East. But as the years wore on, the lack of entertainment facilities and an attractive retail mix made it a poor rival to other malls nearby such as Parkway Parade.
Many of these buildings in Katong are more than 20 years old and, in the case of Katong Shopping Centre, which opened in 1973, more than 30.
Dr Lim Un Huat, owner of several shops at Katong Mall, told The Straits Times most shop owners were in favour of the en bloc sales, and were waiting for the right price to sell.
Mr Lui said the 'tired-looking' buildings were overdue for a revamp, especially since residential projects in the area have gone upmarket.
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