Upper Serangoon Shopping Centre up for collective sale at $260 mil
The two Upper Serangoon Shopping Centre sites have a cumulative gross floor location (GFA) of 176,792 sq ft. The initial plot has a site location of 8,075 sq ft that is zoned for business and residential use with a gross plot ratio of 3.0. The 2nd story, inhabiting 43,012 sq ft, is zoned for household usage with a gross plot proportion of 2.8.
Schools near the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which lie throughout 1km, along with international universities such as Lycée Français de Singapour and Australian International Institution.
Tay includes that being located inside the upscale low-density Surin and Charlton landed surround, and with the capability for developers to build up to 36 storeys for new residential development, the majority of the units will take advantage of unobstructed and protected views overlooking the landed estate.
The two Upper Serangoon Shopping Centre locations are up for sale by public tender, whilst the adjacent land plot is being sold available one by one by private treaty, says CBRE, the appointed marketing agent for the properties. Purchasers can obtain Upper Serangoon Shopping Centre alone or jointly with the adjoining plot.
The Upper Serangoon Mall spots provide the chance to repair the occurring building right into a more recent retail shopping center, says CBRE. “Alternatively, purchasers wanting to obtain Upper Serangoon Mall together with the adjoining plot can look into redeveloping the joined site into a mixed-use development,” the company includes. The 3 sites have a joined site area of concerning 58,591 sq ft.
Michael Tay, CBRE’s head of Singapore capital markets, says the combined plots would have a complete GFA of 176,792 sq ft, subject to approval from the relevant authorities. He adds that CBRE will be sending an Outline Planning Permission (OPP) for the property development of the 3 plots into a mixed-use development with non commercial, serviced apartment and retail units.
He believes future homes at the site would bring in solid interest from buyers within the surrounding domestic estates. Clemence Lee, executive director of Singapore capital markets at CBRE, includes that renting demand for housing in the area has been solid, underpinned by its proximity to facilities and schools.
CBRE adds that the location also stands to take advantage of the upcoming relocation of Paya Lebar Airbase in 2030. The move is anticipated to release up around 800 hectares of redevelopment land, that will certainly be progressively transformed into “a highly livable and sustainable new neighborhood making up real estate and recreational facilities, as well as employment possibility”.
The open tender for Upper Serangoon Shopping Centre is established to close up on June 10 at 3pm.
Upper Serangoon Shopping Centre, a freehold strata-titled property development on Upper Serangoon Road, is up for collective sale with a guide price of $260 million. Consisting of two property sites, the property is being offered along with an adjacent land plot that makes up the access road between both sites.
If accepted, the development might potentially have approximately 154 non commercial units and 56 serviced apartments with 12,000 sq ft of commercial space, assuming an average unit size of 85 sq m and 35 sq m for residential and serviced flats, specifically.
The overview price of $260 million for Upper Serangoon Shopping Centre equates to around $1,471 psf based upon the GFA. A private proprietor at the moment keeps the adjoining land plot that is up for sale. Covering 7,505 sq ft, the land is marked for roadway use. No overview price was provided for the plot.
Upper Serangoon Mall, finished in the 1980s, offers a mix of retail and household units. Positioned inside the Surin and Charlton landed territory in District 19, it gains from distance to a range of amenities, including different F&B shops, Nex Shopping center and Heartland Shopping Mall. The location is also home to numerous parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
