Upper Serangoon Shopping Centre up for collective sale at $260 mil
The overview rate of $260 million for Upper Serangoon Shopping Centre equates to about $1,471 psf based upon the GFA. A private owner currently secures the adjacent land plot that is up for sale. Spanning 7,505 sq ft, the land is designated for roadway use. No guide price was given the plot.
The Upper Serangoon Mall locations provide the possibility to restore the existing building into a more recent retail shopping center, says CBRE. “Additionally, purchasers looking to acquire Upper Serangoon Mall along with the adjoining plot can look into redeveloping the combined site into a mixed-use development,” the company includes. The 3 sites have a combined site area of concerning 58,591 sq ft.
If authorized, the property development might potentially have roughly 154 non commercial units and 56 serviced apartments with 12,000 sq ft of commercial space, assuming an average unit size of 85 sq m and 35 sq m for residential and serviced residences, respectively.
The Arcady @ Boon Keng floor plan
The open tender for Upper Serangoon Mall is set up to finalize on June 10 at 3pm.
The two Upper Serangoon Shopping center websites have a cumulative gross floor location (GFA) of 176,792 sq ft. The very first story has a site area of 8,075 sq ft that is zoned for commercial and household use with a gross plot proportion of 3.0. The 2nd plot, inhabiting 43,012 sq ft, is zoned for residential use with a gross plot ratio of 2.8.
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 property is being put up for sale together with an adjacent land plot that comprises the access road between the two sites.
CBRE includes that the site also stands 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, that will be gradually transformed right into “an extremely livable and lasting brand-new community comprising real estate and recreational facilities, in addition to employment possibility”.
Upper Serangoon Mall, completed in the 1980s, features a mix of commercial and residential units. Positioned inside the Surin and Charlton landed territory in District 19, it gains from closeness to a series of features, having different F&B sites, Nex Mall and Heartland Shopping Mall. The area is also home to numerous parks, including Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
He thinks possible residences at the location would certainly attract strong demand from clients within the surrounding household estates. Clemence Lee, executive director of Singapore resources markets at CBRE, adds that leasing need for housing in the area has actually been strong, underpinned by its distance to facilities and schools.
The two Upper Serangoon Shopping Centre locations are up for sale by public tender, whilst the adjoining land plot is being marketed up for sale independently by private treaty, says CBRE, the assigned marketing representative for the properties. Purchasers can acquire Upper Serangoon Shopping Centre solely or jointly with the adjoining plot.
Tay adds that being located within the affluent low-density Surin and Charlton landed surround, and with the capability for property developers to build up to 36 floors for new residential development, most of the units will certainly gain from unobstructed and protected sights overlooking the landed estate.
Schools near to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which lie within 1km, as well as international universities such as Lycée Français de Singapour and Australian International Institution.
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 approval from the relevant authorities. He adds that CBRE will be submitting an Outline Planning Permission (OPP) for the project of the 3 plots into a mixed-use development with residential, serviced flat and retail units.
