Upper Serangoon Shopping Centre up for collective sale at $260 mil
Michael Tay, CBRE’s head of Singapore capital markets, states the consolidated plots would have a total GFA of 176,792 sq ft, subject to approval from the relevant authorities. He includes that CBRE will be submitting an Outline Planning Permission (OPP) for the development of the 3 plots into a mixed-use development with housing, serviced condominium and retail units.
The public tender for Upper Serangoon Shopping center is established to seal on June 10 at 3pm.
The guide cost of $260 million for Upper Serangoon Shopping Centre converts to about $1,471 psf based on the GFA. A private proprietor presently secures the adjoining land plot that is up for sale. Covering 7,505 sq ft, the land is designated for road use. No overview cost was provided for the plot.
If authorized, the development can possibly have about 154 residential 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 residences, specifically.
The two Upper Serangoon Shopping center sites have a cumulative gross flooring area (GFA) of 176,792 sq ft. The very first plot has a site area of 8,075 sq ft that is zoned for business and property use with a gross story ratio of 3.0. The second story, occupying 43,012 sq ft, is zoned for property usage with a gross plot ratio of 2.8.
Schools close to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that lie within 1km, as well as international academies such as Lycée Français de Singapour and Australian International School.
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 freehold sites, the real property is being offered together with an adjacent land plot that comprises the access road between the two sites.
Upper Serangoon Shopping center, completed in the 1980s, offers a blend of commercial and non commercial units. Situated inside the Surin and Charlton landed enclave in District 19, it benefits from closeness to a series of facilities, including varied F&B sites, Nex Mall and Heartland Shopping Center. The location is also home to a number of parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
CBRE adds that the site also positions to gain from the upcoming transfer of Paya Lebar Airbase in 2030. The move is anticipated to free up about 800 hectares of redevelopment land, which will certainly be progressively changed right into “an extremely livable and lasting brand-new town making up real estate and recreational facilities, in addition to employment opportunities”.
The Upper Serangoon Shopping center spots give the chance to restore the existing building right into a newer retail shopping center, says CBRE. “Additionally, buyers seeking to acquire Upper Serangoon Mall together with the adjoining plot can look into redeveloping the joined site right into a mixed-use development,” the company includes. The 3 sites have a consolidated site area of about 58,591 sq ft.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, whilst the adjoining land plot is being promoted available one by one by private treaty, says CBRE, the appointed marketing broker for the properties. Purchasers can obtain Upper Serangoon Shopping Centre solely or collectively with the adjacent plot.
He believes future residences at the site would certainly bring in solid demand from buyers within the bordering residential estates. Clemence Lee, executive director of Singapore resources markets at CBRE, adds that renting need for housing in the area has actually been strong, underpinned by its proximity to amenities and schools.
Tay includes that being situated within the affluent low-density Surin and Charlton landed surround, and with the potential for developers to build up to 36 floors for brand-new residential development, the majority of the units will take advantage of unblocked and protected scenery overlooking the landed estate.
