Upper Serangoon Shopping Centre up for collective sale at $260 mil
CBRE includes that the location also sets to take advantage of the upcoming moving of Paya Lebar Airbase in 2030. The transfer is anticipated to release up around 800 hectares of redevelopment land, that will be considerably transformed into “an extremely livable and sustainable new community comprising housing and leisure facilities, as well as employment opportunities”.
Tay adds that being situated within the wealthy low-density Surin and Charlton landed surround, and with the possibility for developers to build up to 36 floors for new residential development, most of the units will take advantage of unobstructed and secured sights overlooking the landed estate.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjacent land plot is being marketed for sale independently by exclusive treaty, says CBRE, the appointed marketing broker for the properties. Purchasers can attain Upper Serangoon Shopping Centre alone or jointly with the adjacent plot.
The open tender for Upper Serangoon Shopping Centre is established to seal on June 10 at 3pm.
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 freehold sites, the property is being offered together with an adjacent land plot that makes up the access road between both places.
If authorized, the property development might potentially have approximately 154 household units and 56 serviced apartments with 12,000 sq ft of commercial space, presuming an average unit size of 85 sq m and 35 sq m for residential and serviced apartments, respectively.
The guide rate of $260 million for Upper Serangoon Mall converts to about $1,471 psf based upon the GFA. A private proprietor currently secures the adjacent land plot that is up for sale. Spanning 7,505 sq ft, the land is designated for road use. No guide price was provided for the plot.
Upper Serangoon Shopping Centre, completed in the 1980s, offers a blend of commercial and residential units. Located inside the Surin and Charlton landed territory in District 19, it takes advantage of closeness to a variety of features, having diverse F&B shops, Nex Shopping center and Heartland Shopping Center. The location is also home to several parks, including Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
Schools near the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that stand within 1km, along with international universities such as Lycée Français de Singapour and Australian International School.
He believes possible homes at the location would certainly bring in strong demand from buyers within the surrounding domestic estates. Clemence Lee, executive director of Singapore funding markets at CBRE, adds that leasing demand for real estate in the location has been strong, underpinned by its proximity to amenities and schools.
Both Upper Serangoon Mall sites have a collective gross floor location (GFA) of 176,792 sq ft. The very first plot has a website location of 8,075 sq ft that is zoned for commercial and domestic usage with a gross plot ratio of 3.0. The second plot, occupying 43,012 sq ft, is zoned for residential use with a gross plot ratio of 2.8.
The Upper Serangoon Shopping Centre spots provide the opportunity to restore the existing building into a newer retail mall, states CBRE. “Additionally, buyers seeking to obtain Upper Serangoon Shopping center along with the adjoining plot can look into redeveloping the combined site into a mixed-use development,” the company adds. The three sites have a combined site area of concerning 58,591 sq ft.
Michael Tay, CBRE’s head of Singapore capital markets, states the combined plots would have an overall GFA of 176,792 sq ft, based on approval from the appropriate authorities. He includes that CBRE will be providing an Outline Planning Permission (OPP) for the property development of the 3 plots into a mixed-use development with housing, serviced condominium and retail components.
