Upper Serangoon Shopping Centre up for collective sale at $260 mil
Michael Tay, CBRE’s head of Singapore capital markets, claims the consolidated 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 development of the three plots right into a mixed-use development with housing, serviced residence and retail units.
He believes future homes at the location would bring in solid interest from clients within the surrounding household estates. Clemence Lee, executive director of Singapore resources markets at CBRE, adds that leasing demand for real estate in the area has been strong, underpinned by its proximity to amenities and schools.
Coastal Cabana Hoi Hup Realty & Sunway Group
The guide price of $260 million for Upper Serangoon Shopping Centre translates to around $1,471 psf based upon the GFA. A private owner presently keeps the adjacent land plot that is up for sale. Extending 7,505 sq ft, the land is assigned for road use. No guide price was offered the plot.
The Upper Serangoon Shopping Centre sites give the possibility to refurbish the occurring structure into a more recent retail mall, claims CBRE. “Otherwise, purchasers seeking to acquire Upper Serangoon Shopping center along with the adjacent plot can look into redeveloping the joined site into a mixed-use development,” the firm adds. The 3 sites have a joined site area of concerning 58,591 sq ft.
If authorized, the property development might possibly have roughly 154 non commercial 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 residences, specifically.
Upper Serangoon Mall, completed in the 1980s, includes a mix of retail and household units. Situated inside the Surin and Charlton landed territory in District 19, it benefits from closeness to a range of amenities, having different F&B shops, Nex Shopping center and Heartland Shopping Center. The area is also home to numerous parks, including Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
The open tender for Upper Serangoon Shopping Centre is established to close up on June 10 at 3pm.
CBRE includes that the location also positions to benefit from the upcoming transfer of Paya Lebar Airbase in 2030. The relocation is anticipated to free up about 800 hectares of redevelopment land, that will certainly be progressively changed right into “a highly livable and lasting brand-new neighborhood consisting of real estate and entertainment facilities, along with employment possibility”.
Tay includes that being located inside the affluent low-density Surin and Charlton landed enclave, and with the capability for developers to build up to 36 storeys for brand-new residential development, the majority of the units will certainly gain from unblocked and secured views overlooking the landed estate.
Upper Serangoon Shopping Centre, an estate 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 real property is being offered alongside an adjoining land plot that makes up the access road in between both places.
Both Upper Serangoon Shopping center websites have a collective gross floor area (GFA) of 176,792 sq ft. The first story has a site area of 8,075 sq ft that is zoned for business and domestic usage with a gross plot proportion of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for residential use with a gross plot ratio of 2.8.
The two Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjacent land plot is being marketed up for sale separately by exclusive treaty, says CBRE, the assigned marketing agent for the properties. Purchasers can obtain Upper Serangoon Shopping Centre alone or jointly with the adjoining plot.
Schools near the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that are located in just 1km, as well as international academies such as Lycée Français de Singapour and Australian International Institution.
