Upper Serangoon Shopping Centre up for collective sale at $260 mil
Schools near the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that are located in just 1km, along with international schools such as Lycée Français de Singapour and Australian International Institution.
Upper Serangoon Mall, finished in the 1980s, offers a blend of retail and non commercial units. Situated inside the Surin and Charlton landed enclave in District 19, it takes advantage of closeness to a range of services, including varied F&B shops, Nex Shopping mall and Heartland Mall. The location is also home to a number of parks, covering Surin Area Park, Maplewood Park and the Jalan Pelikat Park Connector.
The Upper Serangoon Shopping Centre sites offer the chance to refurbish the existing building into a newer retail shopping mall, claims CBRE. “Otherwise, purchasers seeking to get Upper Serangoon Mall together with the adjoining plot can look into redeveloping the joined site into a mixed-use development,” the firm adds. The 3 sites have a combined site area of concerning 58,591 sq ft.
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 real property is being put up for sale together with an adjoining land plot that comprises the access road in between both sites.
Tay includes that being nestled within the wealthy low-density Surin and Charlton landed surround, and with the potential for property developers to build up to 36 storeys for new residential development, the majority of the units will take advantage of unobstructed and guarded views overlooking the landed estate.
If accepted, the development might potentially have roughly 154 household units and 56 serviced apartments with 12,000 sq ft of commercial space, presuming an average unit size of 85 sq m and 35 sq m for residential and serviced apartments, respectively.
The overview rate of $260 million for Upper Serangoon Shopping center translates to around $1,471 psf based on the GFA. A private proprietor currently secures the adjacent land plot that is up for sale. Covering 7,505 sq ft, the land is designated for road use. No overview rate was offered the plot.
He believes possible houses at the location would attract strong interest from buyers within the surrounding household estates. Clemence Lee, executive supervisor of Singapore resources markets at CBRE, includes that leasing need for real estate in the location has actually been solid, underpinned by its distance to facilities and schools.
The two Upper Serangoon Shopping Centre websites have a collective gross flooring location (GFA) of 176,792 sq ft. The initial plot has a site area of 8,075 sq ft that is zoned for business and domestic use with a gross story ratio of 3.0. The 2nd plot, inhabiting 43,012 sq ft, is zoned for domestic usage with a gross plot proportion of 2.8.
Michael Tay, CBRE’s head of Singapore capital markets, says the consolidated plots would have a total 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 non commercial, serviced apartment and retail components.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjoining land plot is being sold available for sale separately by private treaty, says CBRE, the assigned marketing representative for the properties. Purchasers can get Upper Serangoon Shopping Centre by itself or jointly with the adjacent plot.
The open tender for Upper Serangoon Mall is set to seal on June 10 at 3pm.
CBRE adds that the location also positions to gain from the upcoming transfer of Paya Lebar Airbase in 2030. The move is expected to free up around 800 hectares of redevelopment land, which will certainly be progressively changed into “an extremely livable and sustainable new town comprising housing and entertainment facilities, as well as job opportunity”.
