Upper Serangoon Shopping Centre up for collective sale at $260 mil
Upper Serangoon Mall, finished in the 1980s, includes a mix of retail and household units. Located inside the Surin and Charlton landed territory in District 19, it takes advantage of distance to a series of facilities, including diverse F&B outlets, Nex Shopping mall and Heartland Mall. The location is also home to numerous parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
Upper Serangoon Shopping Centre, a property strata-titled property development on Upper Serangoon Road, is up for collective sale with a guide price of $260 million. Consisting of two real estate sites, the real property is being offered together with an adjoining land plot that comprises the access road in between the two sites.
Both Upper Serangoon Shopping center websites have a cumulative gross floor area (GFA) of 176,792 sq ft. The initial story has a website location of 8,075 sq ft that is zoned for business and domestic usage with a gross plot ratio of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for property use with a gross plot ratio of 2.8.
CBRE includes that the spot also sets to take advantage of the upcoming relocation of Paya Lebar Airbase in 2030. The move is expected to release up around 800 hectares of redevelopment land, which will certainly be progressively changed into “a highly livable and lasting brand-new town comprising real estate and leisure facilities, as well as employment possibility”.
He believes possible residences at the site would certainly attract strong interest from buyers within the surrounding property estates. Clemence Lee, executive director of Singapore capital markets at CBRE, adds that leasing demand for real estate in the area has been solid, underpinned by its distance to amenities and schools.
The overview price of $260 million for Upper Serangoon Shopping center translates to about $1,471 psf based on the GFA. A private owner currently secures the adjoining land plot that is up for sale. Covering 7,505 sq ft, the land is assigned for road use. No overview cost was provided for the plot.
The Upper Serangoon Shopping center spots provide the chance to repair the existing structure right into a more recent retail mall, claims CBRE. “Alternatively, purchasers looking to get Upper Serangoon Shopping Centre along with the adjoining plot can look into redeveloping the combined site into a mixed-use development,” the firm includes. The three sites have a joined site area of regarding 58,591 sq ft.
Michael Tay, CBRE’s head of Singapore capital markets, claims the mixed plots would have an overall GFA of 176,792 sq ft, subject to authorization from the appropriate authorities. He includes that CBRE will be sending an Outline Planning Permission (OPP) for the project of the three plots into a mixed-use development with residential, serviced flat and retail units.
The public tender for Upper Serangoon Shopping Centre is set to close on June 10 at 3pm.
Tay includes that being situated within the wealthy low-density Surin and Charlton landed enclave, and with the potential for developers to build up to 36 floors for brand-new residential development, most of the units will benefit from unobstructed and protected sights overlooking the landed estate.
Both Upper Serangoon Shopping Centre locations are up for sale by public tender, while the adjacent land plot is being sold for sale independently by exclusive treaty, says CBRE, the assigned marketing agent for the properties. Purchasers can obtain Upper Serangoon Shopping Centre alone or collectively with the adjoining plot.
Schools near to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which stand throughout 1km, in addition to international schools such as Lycée Français de Singapour and Australian International Institution.
If accepted, the development might potentially have roughly 154 non commercial units and 56 serviced apartments with 12,000 sq ft of commercial space, presuming an average unit size of 85 sq m and 35 sq m for residential and serviced residences, respectively.
