Upper Serangoon Shopping Centre up for collective sale at $260 mil
The two Upper Serangoon Shopping Centre websites have a cumulative gross floor location (GFA) of 176,792 sq ft. The very first story has a site location of 8,075 sq ft that is zoned for industrial and residential use with a gross story proportion of 3.0. The second story, occupying 43,012 sq ft, is zoned for property usage with a gross plot proportion 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 appointed marketing agent for the real estates. Purchasers can get Upper Serangoon Shopping Centre by itself or jointly with the adjacent plot.
CBRE includes that the location also positions to take advantage of the upcoming relocation of Paya Lebar Airbase in 2030. The transfer is anticipated to release up about 800 hectares of redevelopment land, that will certainly be considerably changed into “a highly livable and lasting new town consisting of housing and entertainment facilities, along with job opportunity”.
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 adds that CBRE will be providing an Outline Planning Permission (OPP) for the property development of the three plots into a mixed-use development with residential, serviced flat and retail components.
Tay adds that being nestled within the upscale low-density Surin and Charlton landed enclave, and with the potential for developers to build up to 36 storeys for new residential development, most of the units will benefit from unblocked and secured sights overlooking the landed estate.
The open tender for Upper Serangoon Shopping Centre is set up to close on June 10 at 3pm.
The Upper Serangoon Mall spots offer the opportunity to restore the occurring building into a more recent retail mall, claims CBRE. “Additionally, buyers wanting to get Upper Serangoon Shopping Centre along with the adjacent plot can look into redeveloping the joined site right into a mixed-use development,” the firm includes. The three sites have a consolidated site area of regarding 58,591 sq ft.
The guide cost of $260 million for Upper Serangoon Shopping Centre translates to about $1,471 psf based upon the GFA. A private owner presently secures the adjoining land plot that is up for sale. Covering 7,505 sq ft, the land is assigned for roadway use. No overview price was provided for the plot.
If authorized, the development might possibly have roughly 154 non commercial units and 56 serviced apartments with 12,000 sq ft of commercial space, presuming an average unit size of 85 sq m and 35 sq m for residential and serviced flats, respectively.
He thinks future homes at the location would bring in strong interest from buyers inside the surrounding domestic estates. Clemence Lee, executive supervisor of Singapore funding markets at CBRE, includes that leasing need for real estate in the area has actually been strong, underpinned by its distance to facilities and schools.
Upper Serangoon Shopping Centre, a property strata-titled property 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 offered alongside an adjacent land plot that comprises the access road between both places.
Schools close to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that are located throughout 1km, in addition to international academies such as Lycée Français de Singapour and Australian International Institution.
Upper Serangoon Mall, completed in the 1980s, features a blend of retail and non commercial units. Located within the Surin and Charlton landed enclave in District 19, it gains from distance to a variety of services, offering different F&B sites, Nex Mall and Heartland Shopping Mall. The area is also home to several parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
