Upper Serangoon Shopping Centre up for collective sale at $260 mil
CBRE includes that the site also positions to gain from the upcoming moving of Paya Lebar Airbase in 2030. The move is expected to free up about 800 hectares of redevelopment land, that will certainly be gradually transformed right into “an extremely livable and lasting brand-new community comprising real estate and leisure facilities, in addition to job opportunity”.
Upper Serangoon Mall, completed in the 1980s, offers a blend of commercial and non commercial units. Situated within the Surin and Charlton landed enclave in District 19, it takes advantage of closeness to a series of features, including diverse F&B shops, Nex Shopping center and Heartland Shopping Mall. The area is also home to several parks, including Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
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 appropriate authorities. He adds that CBRE will be providing an Outline Planning Permission (OPP) for the development of the three plots into a mixed-use development with non commercial, serviced apartment and retail components.
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 property sites, the property is being put up for sale along with an adjacent land plot that comprises the access road between the two places.
If authorized, the development could potentially have approximately 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 flats, specifically.
Tay adds that being nestled inside the wealthy low-density Surin and Charlton landed enclave, and with the capability for property developers to build up to 36 storeys for new residential development, most of the units will gain from unblocked and protected scenery overlooking the landed estate.
He thinks future houses at the site would bring in strong demand from purchasers within the surrounding property estates. Clemence Lee, executive director of Singapore funding markets at CBRE, adds that leasing need for housing in the location has actually been solid, underpinned by its proximity to amenities and schools.
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Both Upper Serangoon Shopping Centre locations are up for sale by public tender, whilst the adjoining land plot is being sold for sale separately by exclusive treaty, says CBRE, the appointed marketing representative for the properties. Purchasers can obtain Upper Serangoon Shopping Centre alone or collectively with the adjacent plot.
Schools close to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that stand in just 1km, as well as international universities such as Lycée Français de Singapour and Australian International School.
The Upper Serangoon Shopping Centre spots offer the chance to repair the occurring structure right into a newer retail mall, claims CBRE. “Additionally, buyers wanting to obtain Upper Serangoon Mall along with the adjoining plot can look into redeveloping the combined site right into a mixed-use development,” the company adds. The three sites have a consolidated site area of regarding 58,591 sq ft.
The open tender for Upper Serangoon Mall is established to seal on June 10 at 3pm.
The two Upper Serangoon Shopping Centre websites have a cumulative gross floor area (GFA) of 176,792 sq ft. The first story has a site location of 8,075 sq ft that is zoned for business and property use with a gross plot ratio of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for property use with a gross plot ratio of 2.8.
The overview price of $260 million for Upper Serangoon Shopping Centre converts to around $1,471 psf based upon the GFA. A private owner at the moment secures the adjacent land plot that is up for sale. Spanning 7,505 sq ft, the land is marked for road use. No guide price was offered the plot.
