Upper Serangoon Shopping Centre up for collective sale at $260 mil
Schools near to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which are located throughout 1km, as well as international universities such as Lycée Français de Singapour and Australian International Institution.
Both Upper Serangoon Shopping Centre locations are up for sale by public tender, whilst the adjacent land plot is being marketed available one by one by private treaty, says CBRE, the appointed marketing representative for the properties. Purchasers can obtain Upper Serangoon Shopping Centre alone or jointly with the adjacent plot.
The public tender for Upper Serangoon Shopping center is set up to close on June 10 at 3pm.
Michael Tay, CBRE’s head of Singapore capital markets, says the combined plots would have an overall GFA of 176,792 sq ft, based on approval from the relevant authorities. He includes that CBRE will be submitting an Outline Planning Permission (OPP) for the development of the 3 plots into a mixed-use development with residential, serviced flat and retail components.
The two Upper Serangoon Shopping Centre websites have a collective gross flooring location (GFA) of 176,792 sq ft. The very first plot has a website location of 8,075 sq ft that is zoned for business and residential use with a gross story ratio of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for household use with a gross plot proportion of 2.8.
Upper Serangoon Shopping Centre, an estate strata-titled development on Upper Serangoon Road, is up for collective sale with an overview price of $260 million. Consisting of two property sites, the property is being offered alongside an adjoining land plot that makes up the access road in between both places.
If approved, the development can potentially have around 154 non commercial units and 56 serviced apartments with 12,000 sq ft of commercial space, assuming an average unit dimension of 85 sq m and 35 sq m for residential and serviced residences, specifically.
Upper Serangoon Shopping center, finished in the 1980s, features a mix of retail and non commercial units. Positioned within the Surin and Charlton landed enclave in District 19, it gains from proximity to a series of amenities, including different F&B outlets, Nex Shopping center and Heartland Shopping Mall. The area is also home to several parks, including Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
He believes possible houses at the location would draw in solid interest from purchasers inside the bordering property estates. Clemence Lee, executive supervisor of Singapore resources markets at CBRE, adds that renting demand for housing in the area has actually been strong, underpinned by its distance to facilities and schools.
CBRE adds that the spot also sets to gain from the upcoming transfer of Paya Lebar Airbase in 2030. The transfer is anticipated to release up about 800 hectares of redevelopment land, which will certainly be gradually transformed into “a highly livable and lasting brand-new neighborhood making up real estate and entertainment facilities, along with employment opportunities”.
Tay adds that being situated within the affluent low-density Surin and Charlton landed surround, and with the potential for property developers to build up to 36 floors for brand-new residential development, the majority of the units will certainly take advantage of unobstructed and protected scenery overlooking the landed estate.
The Upper Serangoon Shopping Centre sites give the chance to repair the occurring building right into a more recent retail shopping center, claims CBRE. “Additionally, buyers looking to get Upper Serangoon Shopping Centre together with the adjoining plot can consider redeveloping the combined site into a mixed-use development,” the firm includes. The three sites have a joined site area of about 58,591 sq ft.
The overview cost of $260 million for Upper Serangoon Shopping Centre equates to around $1,471 psf based on the GFA. A private owner currently secures the adjacent land plot that is up for sale. Extending 7,505 sq ft, the land is assigned for road use. No guide cost was provided for the plot.
