Upper Serangoon Shopping Centre up for collective sale at $260 mil
CBRE adds that the location also positions to benefit from the upcoming relocation of Paya Lebar Airbase in 2030. The move is expected to free up around 800 hectares of redevelopment land, which will be considerably transformed right into “an extremely livable and lasting brand-new town making up real estate and leisure facilities, in addition to employment opportunities”.
Upper Serangoon Shopping Centre, finished in the 1980s, includes a blend of commercial and household units. Situated within the Surin and Charlton landed territory in District 19, it benefits from closeness to a series of amenities, including varied F&B shops, Nex Shopping mall and Heartland Shopping Mall. The location is also home to a number of parks, covering Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
The public tender for Upper Serangoon Shopping center is established to seal on June 10 at 3pm.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, whilst the adjoining land plot is being marketed available for sale independently by exclusive treaty, says CBRE, the appointed marketing agent for the properties. Purchasers can acquire Upper Serangoon Shopping Centre alone or collectively with the adjacent plot.
The two Upper Serangoon Mall websites have a collective 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 commercial and property usage with a gross story ratio of 3.0. The second story, occupying 43,012 sq ft, is zoned for domestic usage with a gross plot proportion of 2.8.
If authorized, the development might possibly have roughly 154 residential units and 56 serviced apartments with 12,000 sq ft of commercial space, assuming an average unit size of 85 sq m and 35 sq m for residential and serviced residences, respectively.
Tay includes that being situated within the upscale low-density Surin and Charlton landed enclave, and with the possibility for property developers to build up to 36 storeys for new residential development, most of the units will certainly gain from unblocked and protected views overlooking the landed estate.
Schools near to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that lie within 1km, in addition to international universities such as Lycée Français de Singapour and Australian International School.
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 property sites, the property is being put up for sale alongside an adjoining land plot that comprises the access road between the two places.
The Upper Serangoon Shopping center spots offer the chance to refurbish the occurring structure right into a more recent retail shopping mall, claims CBRE. “Otherwise, purchasers aiming to get Upper Serangoon Mall together with the adjoining plot can consider redeveloping the combined site into a mixed-use development,” the company adds. The 3 sites have a joined site area of about 58,591 sq ft.
The guide cost of $260 million for Upper Serangoon Mall equates to about $1,471 psf based on the GFA. A private proprietor presently holds the adjacent land plot that is up for sale. Spanning 7,505 sq ft, the land is marked for roadway use. No guide rate was provided for the plot.
Michael Tay, CBRE’s head of Singapore capital markets, states the mixed plots would have a total GFA of 176,792 sq ft, subject to approval from the appropriate 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 condominium and retail components.
He thinks future residences at the location would certainly bring in solid interest from purchasers within the bordering household estates. Clemence Lee, executive director of Singapore resources markets at CBRE, adds that renting need for housing in the area has actually been solid, underpinned by its closeness to amenities and schools.
