Upper Serangoon Shopping Centre up for collective sale at $260 mil
CBRE adds that the site also stands to benefit from the upcoming transfer of Paya Lebar Airbase in 2030. The move is anticipated to release up around 800 hectares of redevelopment land, which will certainly be progressively changed into “a highly livable and lasting new neighborhood comprising housing and leisure facilities, as well as job opportunity”.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjacent land plot is being marketed for sale separately by private treaty, says CBRE, the appointed marketing representative for the real estates. Purchasers can attain Upper Serangoon Shopping Centre alone or collectively with the adjacent plot.
The guide rate of $260 million for Upper Serangoon Shopping Centre converts to about $1,471 psf based upon the GFA. A private proprietor at the moment secures the adjacent land plot that is up for sale. Extending 7,505 sq ft, the land is assigned for roadway use. No guide cost was given the plot.
The Upper Serangoon Shopping Centre sites provide the opportunity to refurbish the existing building into a newer retail shopping mall, claims CBRE. “Additionally, buyers seeking to acquire Upper Serangoon Shopping center together with the adjacent plot can look into redeveloping the joined site right into a mixed-use development,” the firm includes. The 3 sites have a joined site area of about 58,591 sq ft.
Upper Serangoon Shopping center, finished in the 1980s, features a mix of retail and household units. Positioned inside the Surin and Charlton landed enclave in District 19, it benefits from distance to a range of features, offering varied F&B outlets, Nex Shopping mall and Heartland Shopping Mall. The location is also home to numerous parks, covering Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
The open tender for Upper Serangoon Shopping center is established to finalize on June 10 at 3pm.
Tay includes that being nestled inside the affluent low-density Surin and Charlton landed surround, and with the potential for developers to build up to 36 floors for new residential development, the majority of the units will certainly gain from unobstructed and secured scenery overlooking the landed estate.
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 property sites, the real property is being put up for sale alongside an adjoining land plot that consists the access road in between both sites.
If approved, the development can possibly have roughly 154 non commercial 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 residences, respectively.
Both Upper Serangoon Shopping center websites have a collective gross flooring location (GFA) of 176,792 sq ft. The first story has a site location of 8,075 sq ft that is zoned for industrial and domestic use with a gross story proportion of 3.0. The second plot, inhabiting 43,012 sq ft, is zoned for residential use with a gross plot ratio of 2.8.
Michael Tay, CBRE’s head of Singapore capital markets, states the mixed plots would have a complete GFA of 176,792 sq ft, subject to authorization from the relevant authorities. He includes that CBRE will be submitting an Outline Planning Permission (OPP) for the project of the 3 plots right into a mixed-use development with residential, serviced residence and retail units.
Schools near the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which lie in just 1km, in addition to international schools such as Lycée Français de Singapour and Australian International School.
He believes possible residences at the site would attract solid demand from purchasers within the surrounding household estates. Clemence Lee, executive supervisor of Singapore capital markets at CBRE, includes that leasing need for real estate in the area has actually been strong, underpinned by its proximity to facilities and schools.
