Upper Serangoon Shopping Centre up for collective sale at $260 mil
Michael Tay, CBRE’s head of Singapore capital markets, claims the consolidated plots would have a complete GFA of 176,792 sq ft, based on approval from the appropriate authorities. He adds that CBRE will be providing an Outline Planning Permission (OPP) for the property development of the three plots into a mixed-use development with residential, serviced condominium and retail components.
He thinks future homes at the location would certainly attract strong interest from clients within the surrounding household estates. Clemence Lee, executive director of Singapore funding markets at CBRE, includes that leasing demand for real estate in the area has been strong, underpinned by its proximity to amenities and schools.
The open tender for Upper Serangoon Mall is established to close up on June 10 at 3pm.
If accepted, the property development might potentially have around 154 residential units and 56 serviced apartments with 12,000 sq ft of commercial space, thinking an average unit size of 85 sq m and 35 sq m for residential and serviced apartments, respectively.
Upper Serangoon Shopping Centre, a freehold strata-titled property development on Upper Serangoon Road, is up for collective sale with an overview price of $260 million. Consisting of two property sites, the real property is being offered alongside an adjacent land plot that comprises the access road in between both sites.
The guide price of $260 million for Upper Serangoon Shopping center translates to around $1,471 psf based upon the GFA. A private owner currently keeps the adjoining 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.
Both Upper Serangoon Mall sites have a cumulative gross flooring area (GFA) of 176,792 sq ft. The initial plot has a site area of 8,075 sq ft that is zoned for industrial and domestic use with a gross story proportion of 3.0. The 2nd plot, inhabiting 43,012 sq ft, is zoned for household use with a gross plot ratio of 2.8.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjacent land plot is being sold for sale independently by private treaty, says CBRE, the appointed marketing broker for the properties. Purchasers can get Upper Serangoon Shopping Centre alone or jointly with the adjoining plot.
The Upper Serangoon Shopping Centre spots offer the chance to restore the existing structure into a more recent retail shopping mall, claims CBRE. “Additionally, purchasers seeking to get Upper Serangoon Shopping center together with the adjoining plot can look into redeveloping the combined site into a mixed-use development,” the company includes. The 3 sites have a joined site area of regarding 58,591 sq ft.
Schools near to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which lie within 1km, in addition to international universities such as Lycée Français de Singapour and Australian International Institution.
Upper Serangoon Shopping center, completed in the 1980s, features a blend of commercial and household units. Located within the Surin and Charlton landed enclave in District 19, it gains from closeness to a range of services, including diverse F&B sites, Nex Shopping center and Heartland Shopping Mall. The location is also home to a number of parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
Tay includes that being located inside the affluent low-density Surin and Charlton landed enclave, and with the capability for developers to build up to 36 storeys for new residential development, most of the units will gain from unobstructed and protected sights overlooking the landed estate.
CBRE adds that the location also stands to gain from the upcoming moving of Paya Lebar Airbase in 2030. The move is expected to free up about 800 hectares of redevelopment land, which will certainly be considerably changed into “an extremely livable and lasting new community making up real estate and recreational facilities, along with job opportunity”.
