Upper Serangoon Shopping Centre up for collective sale at $260 mil
The two Upper Serangoon Shopping center sites have a collective gross floor area (GFA) of 176,792 sq ft. The very first story has a website location of 8,075 sq ft that is zoned for commercial and domestic usage with a gross plot proportion of 3.0. The second story, inhabiting 43,012 sq ft, is zoned for domestic usage with a gross plot ratio of 2.8.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, whilst the adjacent land plot is being sold for sale one by one by exclusive treaty, says CBRE, the assigned marketing agent for the real estates. Purchasers can obtain Upper Serangoon Shopping Centre solely or jointly with the adjoining plot.
Tay includes that being nestled inside the affluent low-density Surin and Charlton landed enclave, and with the potential for developers to build up to 36 storeys for brand-new residential development, the majority of the units will benefit from unobstructed and protected sights overlooking the landed estate.
The Upper Serangoon Mall locations provide the opportunity to refurbish the occurring structure right into a newer retail shopping center, states CBRE. “Additionally, purchasers seeking to get Upper Serangoon Shopping center along with the adjoining plot can consider redeveloping the combined site right into a mixed-use development,” the company adds. The three sites have a consolidated site area of about 58,591 sq ft.
If authorized, the property development could potentially have around 154 household units and 56 serviced apartments with 12,000 sq ft of commercial space, presuming an average unit dimension of 85 sq m and 35 sq m for residential and serviced apartments, respectively.
CBRE includes that the spot also stands to benefit from the upcoming relocation of Paya Lebar Airbase in 2030. The move is anticipated to release up about 800 hectares of redevelopment land, that will be gradually changed into “a highly livable and lasting brand-new community making up real estate and entertainment facilities, as well as employment opportunities”.
He thinks possible homes at the site would draw in strong interest from clients inside the bordering residential estates. Clemence Lee, executive supervisor of Singapore funding markets at CBRE, includes that renting demand for real estate in the location has actually been strong, underpinned by its closeness to amenities and schools.
Michael Tay, CBRE’s head of Singapore capital markets, claims the mixed plots would have a total GFA of 176,792 sq ft, subject to approval from the relevant authorities. He includes that CBRE will be sending an Outline Planning Permission (OPP) for the development of the three plots right into a mixed-use development with non commercial, serviced residence and retail units.
Upper Serangoon Shopping Centre, a property strata-titled development on Upper Serangoon Road, is up for collective sale with a guide price of $260 million. Consisting of two real estate sites, the property is being put up for sale together with an adjacent land plot that comprises the access road in between both sites.
Schools close to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that lie throughout 1km, along with international universities such as Lycée Français de Singapour and Australian International School.
The open tender for Upper Serangoon Shopping Centre is set up to finalize on June 10 at 3pm.
Upper Serangoon Shopping center, completed in the 1980s, includes a blend of retail and non commercial units. Located inside the Surin and Charlton landed territory in District 19, it takes advantage of proximity to a range of amenities, including diverse F&B shops, Nex Shopping center and Heartland Shopping Mall. The location is also home to a number of parks, covering Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
The overview rate of $260 million for Upper Serangoon Shopping center equates to around $1,471 psf based upon the GFA. A private owner presently holds the adjoining land plot that is up for sale. Spanning 7,505 sq ft, the land is marked for roadway use. No guide rate was provided for the plot.
