Upper Serangoon Shopping Centre up for collective sale at $260 mil
Schools close to the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that stand throughout 1km, in addition to international schools such as Lycée Français de Singapour and Australian International School.
The two Upper Serangoon Shopping center websites have a collective gross floor area (GFA) of 176,792 sq ft. The very first plot has a website area of 8,075 sq ft that is zoned for business and residential usage with a gross story proportion of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for residential use with a gross plot proportion of 2.8.
Michael Tay, CBRE’s head of Singapore capital markets, states the consolidated plots would have an overall GFA of 176,792 sq ft, based on authorization from the appropriate authorities. He adds that CBRE will be submitting an Outline Planning Permission (OPP) for the property development of the 3 plots into a mixed-use development with non commercial, serviced condominium and retail components.
Upper Serangoon Shopping Centre, finished in the 1980s, features a blend of retail and non commercial units. Situated within the Surin and Charlton landed enclave in District 19, it benefits from proximity to a series of features, having diverse F&B outlets, Nex Mall and Heartland Mall. The area is also home to several parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
Tay includes that being situated within the upscale low-density Surin and Charlton landed surround, and with the possibility for property developers to build up to 36 storeys for brand-new residential development, the majority of the units will certainly benefit from unobstructed and guarded sights overlooking the landed estate.
The Upper Serangoon Shopping center sites offer the chance to repair the existing structure into a more recent retail mall, says CBRE. “Additionally, buyers seeking to get Upper Serangoon Shopping Centre along with the adjoining plot can consider redeveloping the joined site right into a mixed-use development,” the firm includes. The 3 sites have a joined site area of about 58,591 sq ft.
Upper Serangoon Shopping Centre, a property strata-titled 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 adjoining land plot that comprises the access road between the two sites.
The two Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjacent land plot is being promoted for sale separately by exclusive treaty, says CBRE, the appointed marketing representative for the real estates. Purchasers can attain Upper Serangoon Shopping Centre solely or jointly with the adjoining plot.
CBRE includes that the location also sets to benefit from the upcoming transfer of Paya Lebar Airbase in 2030. The relocation is expected to free up about 800 hectares of redevelopment land, which will be considerably transformed right into “an extremely livable and sustainable new town comprising real estate and recreational facilities, in addition to employment opportunities”.
The overview rate of $260 million for Upper Serangoon Shopping center translates to about $1,471 psf based upon the GFA. A private owner presently keeps the adjoining land plot that is up for sale. Spanning 7,505 sq ft, the land is assigned for roadway use. No overview cost was provided for the plot.
If approved, the development might potentially have around 154 household 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 apartments, respectively.
The open tender for Upper Serangoon Shopping Centre is set to finalize on June 10 at 3pm.
He believes possible homes at the location would certainly attract solid demand from purchasers inside the bordering residential estates. Clemence Lee, executive director of Singapore capital markets at CBRE, adds that renting demand for real estate in the area has been strong, underpinned by its closeness to amenities and schools.
