Upper Serangoon Shopping Centre up for collective sale at $260 mil
Schools near the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that stand within 1km, as well as international academies such as Lycée Français de Singapour and Australian International School.
The Upper Serangoon Shopping center spots provide the chance to repair the occurring structure into a more recent retail shopping mall, states CBRE. “Alternatively, buyers seeking to acquire Upper Serangoon Mall together with the adjacent plot can look into redeveloping the joined site into a mixed-use development,” the firm includes. The 3 sites have a joined site area of about 58,591 sq ft.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, whilst the adjoining land plot is being promoted available for sale independently by private treaty, says CBRE, the assigned marketing broker for the properties. Purchasers can acquire Upper Serangoon Shopping Centre solely or collectively with the adjacent plot.
Both Upper Serangoon Shopping center websites have a cumulative gross floor area (GFA) of 176,792 sq ft. The first story has a website area of 8,075 sq ft that is zoned for industrial and domestic use with a gross story proportion of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for property use with a gross plot proportion of 2.8.
Upper Serangoon Shopping Centre, a property 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 property is being offered together with an adjoining land plot that comprises the access road between the two sites.
If approved, the property development could possibly have about 154 residential 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 flats, respectively.
Tay includes that being situated inside the affluent low-density Surin and Charlton landed enclave, and with the capability for developers to build up to 36 floors for brand-new residential development, the majority of the units will certainly benefit from unobstructed and protected views overlooking the landed estate.
Michael Tay, CBRE’s head of Singapore capital markets, says the combined plots would have an overall GFA of 176,792 sq ft, subject to approval from the relevant authorities. He adds that CBRE will be providing an Outline Planning Permission (OPP) for the development of the 3 plots right into a mixed-use development with residential, serviced residence and retail components.
CBRE adds that the spot also sets to take advantage of the upcoming moving of Paya Lebar Airbase in 2030. The transfer is expected to release up around 800 hectares of redevelopment land, which will certainly be progressively changed into “an extremely livable and lasting new neighborhood comprising housing and leisure facilities, in addition to employment possibility”.
He believes future homes at the location would certainly bring in solid interest from buyers within the surrounding property estates. Clemence Lee, executive director of Singapore capital markets at CBRE, includes that renting need for housing in the area has actually been solid, underpinned by its distance to amenities and schools.
The overview price of $260 million for Upper Serangoon Mall converts to around $1,471 psf based on the GFA. A private proprietor currently keeps the adjacent land plot that is up for sale. Covering 7,505 sq ft, the land is marked for roadway use. No guide rate was offered the plot.
Upper Serangoon Mall, completed in the 1980s, includes a blend of commercial and household units. Located within the Surin and Charlton landed territory in District 19, it benefits from closeness to a series of services, offering diverse F&B sites, Nex Shopping center and Heartland Shopping Center. The location is also home to several parks, including Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
The open tender for Upper Serangoon Shopping Centre is set to close on June 10 at 3pm.
