Upper Serangoon Shopping Centre up for collective sale at $260 mil
The two Upper Serangoon Shopping center sites have a cumulative gross flooring location (GFA) of 176,792 sq ft. The very first plot has a website location of 8,075 sq ft that is zoned for industrial and domestic usage with a gross story ratio of 3.0. The 2nd story, inhabiting 43,012 sq ft, is zoned for property use with a gross plot proportion of 2.8.
Michael Tay, CBRE’s head of Singapore capital markets, claims the consolidated plots would have a total GFA of 176,792 sq ft, based on approval from the relevant authorities. He includes that CBRE will be submitting an Outline Planning Permission (OPP) for the project of the three plots into a mixed-use development with non commercial, serviced residence and retail units.
Schools near to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that stand throughout 1km, along with international schools such as Lycée Français de Singapour and Australian International Institution.
The guide price of $260 million for Upper Serangoon Shopping center equates to around $1,471 psf based upon the GFA. A private owner presently holds the adjacent land plot that is up for sale. Covering 7,505 sq ft, the land is marked for roadway use. No guide rate was given the plot.
Upper Serangoon Shopping Centre, an estate strata-titled property development on Upper Serangoon Road, is up for collective sale with an overview price of $260 million. Consisting of two freehold sites, the real property is being put up for sale along with an adjacent land plot that comprises the access road between both sites.
If authorized, the property development can possibly have around 154 household units and 56 serviced apartments with 12,000 sq ft of commercial space, thinking an average unit size of 85 sq m and 35 sq m for residential and serviced flats, respectively.
Tay adds that being located inside the upscale low-density Surin and Charlton landed enclave, and with the capability for developers to build up to 36 floors for brand-new residential development, most of the units will certainly take advantage of unobstructed and protected scenery overlooking the landed estate.
The open tender for Upper Serangoon Mall is set to close up on June 10 at 3pm.
CBRE adds that the spot also stands to take advantage of the upcoming transfer of Paya Lebar Airbase in 2030. The relocation is expected to free up around 800 hectares of redevelopment land, that will be gradually transformed right into “an extremely livable and lasting new community making up real estate and leisure facilities, as well as job opportunity”.
He believes possible houses at the site would certainly draw in strong interest from clients within the bordering property estates. Clemence Lee, executive supervisor of Singapore funding markets at CBRE, adds that leasing demand for housing in the location has actually been solid, underpinned by its proximity to facilities and schools.
The Upper Serangoon Shopping Centre spots provide the chance to refurbish the occurring building right into a more recent retail mall, states CBRE. “Additionally, buyers wanting to get Upper Serangoon Shopping center along with the adjacent plot can consider redeveloping the joined site into a mixed-use development,” the company adds. The 3 sites have a combined site area of concerning 58,591 sq ft.
Upper Serangoon Mall, completed in the 1980s, features a mix of retail and household units. Located within the Surin and Charlton landed enclave in District 19, it benefits from distance to a variety of amenities, offering diverse F&B sites, Nex Shopping center and Heartland Shopping Center. The area is also home to several parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
The two Upper Serangoon Shopping Centre sites are up for sale by public tender, whilst the adjoining land plot is being sold available for sale independently by private treaty, says CBRE, the assigned marketing representative for the properties. Purchasers can attain Upper Serangoon Shopping Centre alone or jointly with the adjoining plot.
