Upper Serangoon Shopping Centre up for collective sale at $260 mil
Schools close to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which lie in just 1km, along with international universities such as Lycée Français de Singapour and Australian International Institution.
Both Upper Serangoon Shopping center websites have a cumulative gross flooring location (GFA) of 176,792 sq ft. The very first plot has a site area of 8,075 sq ft that is zoned for business and household use with a gross plot proportion of 3.0. The second plot, inhabiting 43,012 sq ft, is zoned for domestic use with a gross plot proportion of 2.8.
He thinks future houses at the site would certainly attract solid demand from buyers within the surrounding household estates. Clemence Lee, executive supervisor of Singapore resources markets at CBRE, adds that leasing demand for housing in the location has been solid, underpinned by its proximity to amenities and schools.
Michael Tay, CBRE’s head of Singapore capital markets, claims the consolidated plots would have an overall GFA of 176,792 sq ft, based on approval from the relevant authorities. He includes that CBRE will be providing an Outline Planning Permission (OPP) for the property development of the three plots right into a mixed-use development with non commercial, serviced residence and retail components.
Upper Serangoon Shopping center, completed in the 1980s, includes a mix of commercial and household units. Located within the Surin and Charlton landed territory in District 19, it gains from proximity to a series of services, including different F&B sites, Nex Shopping center and Heartland Mall. The area is also home to numerous parks, including Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
Upper Serangoon Shopping Centre, a freehold strata-titled property development on Upper Serangoon Road, is up for collective sale with a guide price of $260 million. Consisting of two freehold sites, the property is being put up for sale along with an adjoining land plot that consists the access road in between both sites.
The guide price of $260 million for Upper Serangoon Shopping center converts to around $1,471 psf based upon the GFA. A private proprietor at the moment keeps the adjoining land plot that is up for sale. Spanning 7,505 sq ft, the land is designated for roadway use. No overview cost was provided for the plot.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, whilst the adjoining land plot is being marketed for sale one by one by private treaty, says CBRE, the assigned marketing agent for the properties. Purchasers can acquire Upper Serangoon Shopping Centre by itself or jointly with the adjoining plot.
If authorized, the property development can potentially have about 154 household units and 56 serviced apartments with 12,000 sq ft of commercial space, thinking an average unit dimension of 85 sq m and 35 sq m for residential and serviced apartments, specifically.
The Upper Serangoon Shopping Centre locations provide the possibility to refurbish the existing structure right into a more recent retail shopping mall, claims CBRE. “Alternatively, purchasers seeking to acquire Upper Serangoon Mall together with the adjacent plot can consider redeveloping the combined site into a mixed-use development,” the firm adds. The three sites have a combined site area of concerning 58,591 sq ft.
Tay includes that being situated inside the wealthy low-density Surin and Charlton landed surround, and with the possibility for property developers to build up to 36 storeys for new residential development, most of the units will gain from unobstructed and guarded scenery overlooking the landed estate.
The open tender for Upper Serangoon Shopping center is established to close on June 10 at 3pm.
CBRE includes that the location also positions to take advantage of the upcoming transfer of Paya Lebar Airbase in 2030. The transfer is anticipated to release up around 800 hectares of redevelopment land, which will be progressively changed into “a highly livable and lasting brand-new town comprising real estate and entertainment facilities, as well as employment possibility”.
