Upper Serangoon Shopping Centre up for collective sale at $260 mil
Schools near the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which are located within 1km, in addition to international academies such as Lycée Français de Singapour and Australian International Institution.
Both Upper Serangoon Shopping Centre sites have a cumulative gross flooring area (GFA) of 176,792 sq ft. The first plot has a site location of 8,075 sq ft that is zoned for industrial and domestic usage with a gross plot ratio of 3.0. The second plot, occupying 43,012 sq ft, is zoned for property use with a gross plot proportion of 2.8.
If accepted, the property development might possibly have roughly 154 household 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 residences, respectively.
The public tender for Upper Serangoon Mall is set to seal on June 10 at 3pm.
He believes possible residences at the site would certainly draw in strong interest from clients inside the bordering residential estates. Clemence Lee, executive supervisor of Singapore resources markets at CBRE, adds that leasing demand for real estate in the area has been solid, underpinned by its distance to facilities and schools.
Both Upper Serangoon Shopping Centre locations are up for sale by public tender, while the adjacent land plot is being sold available for sale one by one by exclusive treaty, says CBRE, the appointed marketing representative for the real estates. Purchasers can acquire Upper Serangoon Shopping Centre solely or jointly with the adjoining plot.
Kassia Condo Tripartite Developers Pte Ltd
The guide cost of $260 million for Upper Serangoon Shopping Centre equates to around $1,471 psf based upon the GFA. A private proprietor presently keeps the adjacent land plot that is up for sale. Spanning 7,505 sq ft, the land is designated for road use. No overview price was offered the plot.
CBRE adds that the site also positions to take advantage of the upcoming moving of Paya Lebar Airbase in 2030. The relocation is anticipated to release up about 800 hectares of redevelopment land, which will certainly be considerably changed right into “an extremely livable and lasting new neighborhood making up real estate and entertainment facilities, in addition to job opportunity”.
Michael Tay, CBRE’s head of Singapore capital markets, says the combined plots would have a complete GFA of 176,792 sq ft, based on authorization from the relevant authorities. He adds that CBRE will be providing an Outline Planning Permission (OPP) for the project of the 3 plots into a mixed-use development with non commercial, serviced apartment and retail units.
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 property is being offered together with an adjacent land plot that makes up the access road between both places.
The Upper Serangoon Shopping center sites offer the possibility to repair the existing building into a more recent retail mall, states CBRE. “Otherwise, purchasers wanting to get Upper Serangoon Shopping center along with the adjoining plot can consider redeveloping the joined site right into a mixed-use development,” the firm includes. The 3 sites have a combined site area of concerning 58,591 sq ft.
Upper Serangoon Mall, completed in the 1980s, features a blend of retail and non commercial units. Positioned inside the Surin and Charlton landed enclave in District 19, it benefits from distance to a series of features, including different F&B outlets, Nex Shopping center and Heartland Shopping Center. The location is also home to a number of parks, including Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
Tay adds that being nestled inside the upscale low-density Surin and Charlton landed enclave, and with the capability for developers to build up to 36 floors for brand-new residential development, most of the units will certainly take advantage of unblocked and secured scenery overlooking the landed estate.
