Upper Serangoon Shopping Centre up for collective sale at $260 mil
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 approval from the appropriate authorities. He adds that CBRE will be submitting an Outline Planning Permission (OPP) for the property development of the 3 plots right into a mixed-use development with housing, serviced residence and retail components.
Schools close to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which lie within 1km, along with international academies such as Lycée Français de Singapour and Australian International School.
The two Upper Serangoon Mall sites have a cumulative gross floor location (GFA) of 176,792 sq ft. The first plot has a website location of 8,075 sq ft that is zoned for business and domestic usage with a gross story proportion of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for property usage with a gross plot ratio of 2.8.
CBRE includes that the site also sets to benefit from the upcoming transfer of Paya Lebar Airbase in 2030. The move is expected to release up about 800 hectares of redevelopment land, which will be considerably changed into “an extremely livable and sustainable brand-new community comprising real estate and recreational facilities, as well as job opportunity”.
Tay includes that being situated within the upscale low-density Surin and Charlton landed surround, and with the potential for property developers to build up to 36 floors for new residential development, the majority of the units will take advantage of unobstructed and secured views overlooking the landed estate.
The public tender for Upper Serangoon Shopping Centre is set to finalize on June 10 at 3pm.
If approved, the development might potentially have around 154 non commercial units and 56 serviced apartments with 12,000 sq ft of commercial space, thinking an average unit dimension of 85 sq m and 35 sq m for residential and serviced apartments, specifically.
The guide cost of $260 million for Upper Serangoon Shopping Centre equates to about $1,471 psf based on the GFA. A private proprietor presently keeps the adjoining land plot that is up for sale. Spanning 7,505 sq ft, the land is designated for roadway use. No guide cost was provided for the plot.
The Upper Serangoon Shopping Centre spots offer the possibility to repair the occurring structure right into a newer retail shopping center, says CBRE. “Additionally, buyers seeking to get Upper Serangoon Shopping center together with the adjoining plot can look into redeveloping the joined site right into a mixed-use development,” the firm adds. The three sites have a joined site area of regarding 58,591 sq ft.
Upper Serangoon Shopping center, completed in the 1980s, offers a mix of retail and residential units. Situated inside the Surin and Charlton landed enclave in District 19, it takes advantage of closeness to a range of services, having different F&B shops, Nex Mall and Heartland Shopping Center. The location is also home to a number of parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
Upper Serangoon Shopping Centre, an estate strata-titled property development on Upper Serangoon Road, is up for collective sale with an overview price of $260 million. Consisting of two real estate sites, the property is being put up for sale together with an adjoining land plot that makes up the access road in between both sites.
Both Upper Serangoon Shopping Centre locations are up for sale by public tender, while the adjacent land plot is being promoted available independently by exclusive treaty, says CBRE, the assigned marketing agent for the properties. Purchasers can acquire Upper Serangoon Shopping Centre by itself or jointly with the adjoining plot.
He thinks possible homes at the location would draw in strong demand from clients within the surrounding household estates. Clemence Lee, executive director of Singapore funding markets at CBRE, includes that leasing demand for housing in the location has been strong, underpinned by its distance to facilities and schools.
