Upper Serangoon Shopping Centre up for collective sale at $260 mil
Both Upper Serangoon Shopping Centre websites have a collective gross flooring area (GFA) of 176,792 sq ft. The very first story has a website area of 8,075 sq ft that is zoned for commercial and property use with a gross story proportion of 3.0. The second story, inhabiting 43,012 sq ft, is zoned for residential usage with a gross plot ratio of 2.8.
The open tender for Upper Serangoon Mall is set to seal on June 10 at 3pm.
CBRE adds that the site also stands to take advantage of the upcoming relocation of Paya Lebar Airbase in 2030. The move is expected to release up about 800 hectares of redevelopment land, which will be gradually transformed right into “a highly livable and lasting new community comprising housing and entertainment facilities, as well as job opportunity”.
Schools close to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which stand in just 1km, in addition to international universities such as Lycée Français de Singapour and Australian International School.
The two Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjoining land plot is being sold up for sale independently by exclusive treaty, says CBRE, the assigned marketing representative for the properties. Purchasers can acquire Upper Serangoon Shopping Centre alone or collectively with the adjacent plot.
If approved, the development can possibly have about 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 flats, respectively.
Upper Serangoon Shopping center, completed in the 1980s, includes a mix of commercial and household units. Situated within the Surin and Charlton landed enclave in District 19, it takes advantage of distance to a series of services, having different F&B sites, Nex Shopping center and Heartland Shopping Center. The location is also home to several parks, including Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
Tay adds that being nestled inside the wealthy low-density Surin and Charlton landed surround, and with the potential for property developers to build up to 36 storeys for brand-new residential development, the majority of the units will certainly take advantage of unblocked and guarded views overlooking the landed estate.
Michael Tay, CBRE’s head of Singapore capital markets, claims the mixed plots would have a complete GFA of 176,792 sq ft, subject to authorization from the relevant authorities. He adds that CBRE will be sending an Outline Planning Permission (OPP) for the project of the three plots right into a mixed-use development with housing, serviced apartment and retail components.
He believes possible residences at the location would bring in strong demand from buyers within the surrounding residential estates. Clemence Lee, executive supervisor of Singapore funding markets at CBRE, adds that renting need for real estate in the location has been strong, underpinned by its closeness to facilities and schools.
Upper Serangoon Shopping Centre, an estate strata-titled development on Upper Serangoon Road, is up for collective sale with a guide price of $260 million. Consisting of two property sites, the real property is being offered together with an adjoining land plot that makes up the access road in between both places.
The overview cost of $260 million for Upper Serangoon Shopping center equates to about $1,471 psf based upon the GFA. A private proprietor presently secures the adjoining land plot that is up for sale. Covering 7,505 sq ft, the land is assigned for roadway use. No guide rate was given the plot.
The Upper Serangoon Mall sites give the chance to restore the occurring building right into a newer retail shopping center, states CBRE. “Alternatively, buyers aiming to acquire Upper Serangoon Shopping Centre together with the adjacent plot can consider redeveloping the joined site into a mixed-use development,” the company adds. The three sites have a consolidated site area of about 58,591 sq ft.
