Upper Serangoon Shopping Centre up for collective sale at $260 mil
The two Upper Serangoon Shopping Centre sites have a cumulative gross floor location (GFA) of 176,792 sq ft. The very first plot has a site area of 8,075 sq ft that is zoned for business and residential usage with a gross plot ratio of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for residential usage with a gross plot proportion of 2.8.
He thinks possible homes at the site would bring in strong demand from buyers within the bordering residential estates. Clemence Lee, executive director of Singapore capital markets at CBRE, adds that leasing need for real estate in the area has been strong, underpinned by its proximity to amenities and schools.
Both Upper Serangoon Shopping Centre locations are up for sale by public tender, while the adjoining land plot is being promoted for sale independently by exclusive treaty, says CBRE, the appointed marketing broker for the properties. Purchasers can attain Upper Serangoon Shopping Centre solely or jointly with the adjacent plot.
Upper Serangoon Shopping center, finished in the 1980s, features a mix of commercial and non commercial units. Located inside the Surin and Charlton landed territory in District 19, it benefits from distance to a series of amenities, offering different F&B sites, Nex Shopping center and Heartland Mall. The location is also home to a number of parks, including Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
If approved, the property development can potentially 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 residences, specifically.
Tay adds that being nestled inside the wealthy low-density Surin and Charlton landed enclave, and with the possibility for developers to build up to 36 storeys for brand-new residential development, most of the units will certainly benefit from unblocked and protected views overlooking the landed estate.
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 along with an adjacent land plot that makes up the access road between both sites.
Schools near the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which are located throughout 1km, as well as international academies such as Lycée Français de Singapour and Australian International School.
The overview price of $260 million for Upper Serangoon Mall equates to around $1,471 psf based upon the GFA. A private proprietor currently holds the adjoining land plot that is up for sale. Extending 7,505 sq ft, the land is assigned for road use. No overview cost was provided for the plot.
The Upper Serangoon Shopping Centre spots offer the possibility to repair the existing building right into a newer retail mall, says CBRE. “Alternatively, buyers wanting to get Upper Serangoon Mall together with the adjacent plot can consider redeveloping the combined site right into a mixed-use development,” the company includes. The three sites have a combined site area of about 58,591 sq ft.
The public tender for Upper Serangoon Shopping Centre is set up to finalize on June 10 at 3pm.
Michael Tay, CBRE’s head of Singapore capital markets, says the mixed plots would have a complete GFA of 176,792 sq ft, based on authorization from the appropriate authorities. He adds that CBRE will be providing an Outline Planning Permission (OPP) for the property development of the 3 plots into a mixed-use development with residential, serviced apartment and retail units.
CBRE includes that the location also positions to take advantage of the upcoming relocation of Paya Lebar Airbase in 2030. The transfer is expected to free up around 800 hectares of redevelopment land, which will certainly be gradually transformed into “an extremely livable and sustainable brand-new neighborhood making up housing and recreational facilities, as well as job opportunity”.
