Upper Serangoon Shopping Centre up for collective sale at $260 mil
Schools near to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which lie within 1km, in addition to international schools such as Lycée Français de Singapour and Australian International School.
The Upper Serangoon Mall spots give the possibility to refurbish the existing structure right into a more recent retail mall, claims CBRE. “Additionally, purchasers looking to obtain Upper Serangoon Shopping center together with the adjoining plot can consider redeveloping the combined site right into a mixed-use development,” the firm adds. The 3 sites have a joined site area of regarding 58,591 sq ft.
Tay adds that being situated inside the affluent low-density Surin and Charlton landed surround, and with the potential for property developers to build up to 36 floors for new residential development, the majority of the units will certainly benefit from unobstructed and protected views overlooking the landed estate.
If accepted, the property development could possibly have roughly 154 non commercial 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, respectively.
The open tender for Upper Serangoon Shopping Centre is set up to close up on June 10 at 3pm.
The two Upper Serangoon Shopping Centre websites have a collective gross flooring location (GFA) of 176,792 sq ft. The first plot has a site area of 8,075 sq ft that is zoned for industrial and household use with a gross plot ratio of 3.0. The second plot, occupying 43,012 sq ft, is zoned for property usage with a gross plot proportion of 2.8.
Michael Tay, CBRE’s head of Singapore capital markets, says the mixed plots would have a complete GFA of 176,792 sq ft, subject to authorization from the appropriate authorities. He includes that CBRE will be sending an Outline Planning Permission (OPP) for the development of the 3 plots right into a mixed-use development with residential, serviced residence and retail units.
Upper Serangoon Shopping Centre, finished in the 1980s, includes a mix of retail and household units. Located within the Surin and Charlton landed territory in District 19, it benefits from closeness to a variety of amenities, including diverse F&B sites, Nex Mall and Heartland Mall. The area is also home to a number of parks, including Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
The overview price of $260 million for Upper Serangoon Shopping Centre translates to around $1,471 psf based upon the GFA. A private owner presently secures the adjacent land plot that is up for sale. Extending 7,505 sq ft, the land is assigned for roadway use. No overview price was given the plot.
He believes possible homes at the site would draw in strong interest from purchasers inside the surrounding domestic estates. Clemence Lee, executive supervisor of Singapore resources markets at CBRE, adds that leasing need for housing in the area has been strong, underpinned by its proximity to amenities and schools.
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 together with an adjacent land plot that consists the access road in between both places.
The two Upper Serangoon Shopping Centre locations are up for sale by public tender, while the adjacent land plot is being promoted available for sale separately by exclusive treaty, says CBRE, the assigned marketing agent for the real estates. Purchasers can obtain Upper Serangoon Shopping Centre solely or collectively with the adjacent plot.
CBRE adds that the location also sets to benefit from the upcoming transfer of Paya Lebar Airbase in 2030. The relocation is anticipated to free up around 800 hectares of redevelopment land, which will certainly be progressively changed into “an extremely livable and sustainable brand-new neighborhood comprising real estate and entertainment facilities, along with employment possibility”.
