Upper Serangoon Shopping Centre up for collective sale at $260 mil
Upper Serangoon Shopping Centre, completed in the 1980s, offers a mix of commercial and non commercial units. Positioned inside the Surin and Charlton landed territory in District 19, it takes advantage of proximity to a series of amenities, having different F&B sites, Nex Shopping mall and Heartland Shopping Mall. The location is also home to numerous parks, including Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
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 freehold sites, the real property is being offered alongside an adjoining land plot that makes up the access road in between both sites.
Schools near to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which lie within 1km, as well as international academies such as Lycée Français de Singapour and Australian International School.
If authorized, the development could possibly have around 154 residential 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 situated within the affluent low-density Surin and Charlton landed enclave, and with the possibility for developers to build up to 36 floors for brand-new residential development, the majority of the units will take advantage of unblocked and protected sights overlooking the landed estate.
The two Upper Serangoon Shopping center websites have a collective gross flooring location (GFA) of 176,792 sq ft. The very first plot has a website location of 8,075 sq ft that is zoned for business and property use with a gross story proportion of 3.0. The 2nd plot, occupying 43,012 sq ft, is zoned for residential use with a gross plot proportion of 2.8.
The two Upper Serangoon Shopping Centre locations are up for sale by public tender, whilst the adjoining land plot is being promoted available independently by exclusive treaty, says CBRE, the appointed marketing agent for the real estates. Purchasers can obtain Upper Serangoon Shopping Centre alone or collectively with the adjoining plot.
CBRE adds that the spot also stands to gain from the upcoming moving of Paya Lebar Airbase in 2030. The relocation is anticipated to free up around 800 hectares of redevelopment land, which will certainly be progressively transformed right into “a highly livable and lasting new neighborhood comprising real estate and entertainment facilities, as well as employment opportunities”.
Michael Tay, CBRE’s head of Singapore capital markets, says the mixed plots would have a total GFA of 176,792 sq ft, based on authorization from the relevant authorities. He includes 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 flat and retail components.
The Upper Serangoon Shopping Centre sites provide the chance to repair the occurring building right into a newer retail shopping mall, states CBRE. “Alternatively, buyers looking to get Upper Serangoon Mall together with the adjacent plot can consider redeveloping the joined site into a mixed-use development,” the company includes. The three sites have a joined site area of concerning 58,591 sq ft.
The overview price of $260 million for Upper Serangoon Shopping center translates to about $1,471 psf based on the GFA. A private proprietor at the moment keeps the adjoining land plot that is up for sale. Covering 7,505 sq ft, the land is assigned for road use. No overview rate was offered the plot.
He believes possible homes at the location would attract solid interest from clients inside the bordering residential estates. Clemence Lee, executive supervisor of Singapore capital markets at CBRE, adds that leasing demand for housing in the location has actually been solid, underpinned by its proximity to amenities and schools.
The open tender for Upper Serangoon Mall is set up to close on June 10 at 3pm.
