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, that are located in just 1km, in addition to international academies such as Lycée Français de Singapour and Australian International School.
The overview rate of $260 million for Upper Serangoon Shopping Centre converts to about $1,471 psf based on the GFA. A private proprietor at the moment keeps the adjacent land plot that is up for sale. Covering 7,505 sq ft, the land is designated for road use. No overview rate was offered the plot.
Upper Serangoon Shopping Centre, a property strata-titled development on Upper Serangoon Road, is up for collective sale with an overview price of $260 million. Consisting of two freehold sites, the real property is being put up for sale alongside an adjacent land plot that consists the access road between both sites.
The two Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjoining land plot is being promoted available for sale separately by private treaty, says CBRE, the appointed marketing broker for the properties. Purchasers can acquire Upper Serangoon Shopping Centre solely or jointly with the adjacent plot.
The public tender for Upper Serangoon Mall is set up to finalize on June 10 at 3pm.
The Upper Serangoon Shopping center locations offer the opportunity to restore the existing building right into a more recent retail mall, says CBRE. “Additionally, buyers looking to obtain Upper Serangoon Mall together with the adjoining 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.
Upper Serangoon Shopping center, completed in the 1980s, features a blend of retail and residential units. Located inside the Surin and Charlton landed enclave in District 19, it benefits from distance to a range of features, offering diverse F&B sites, Nex Shopping mall and Heartland Mall. The location is also home to a number of parks, covering Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
CBRE adds that the spot also positions to take advantage of the upcoming transfer of Paya Lebar Airbase in 2030. The relocation is anticipated to free up around 800 hectares of redevelopment land, which will be progressively transformed into “a highly livable and sustainable new community comprising real estate and leisure facilities, in addition to employment possibility”.
If approved, the development might possibly have roughly 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 flats, specifically.
Tay adds that being nestled within the affluent low-density Surin and Charlton landed enclave, and with the capability for property developers to build up to 36 storeys for brand-new residential development, the majority of the units will certainly benefit from unobstructed and protected sights overlooking the landed estate.
He believes future residences at the location would draw in solid interest from purchasers within the bordering household estates. Clemence Lee, executive supervisor of Singapore funding markets at CBRE, adds that leasing demand for housing in the location has been solid, underpinned by its closeness to facilities and schools.
Michael Tay, CBRE’s head of Singapore capital markets, claims the combined 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 project of the three plots into a mixed-use development with housing, serviced condominium and retail units.
The two Upper Serangoon Shopping center sites have a cumulative gross flooring area (GFA) of 176,792 sq ft. The very first story has a website location of 8,075 sq ft that is zoned for commercial and household usage with a gross plot ratio of 3.0. The 2nd story, inhabiting 43,012 sq ft, is zoned for property use with a gross plot ratio of 2.8.
