Upper Serangoon Shopping Centre up for collective sale at $260 mil
Schools near the site consist of Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that stand within 1km, along with international schools such as Lycée Français de Singapour and Australian International School.
Upper Serangoon Shopping Centre, a property strata-titled property development on Upper Serangoon Road, is up for collective sale with a guide price of $260 million. Consisting of two property sites, the property is being offered along with an adjoining land plot that comprises the access road in between both places.
He believes future houses at the site would draw in strong interest from purchasers within the bordering residential estates. Clemence Lee, executive supervisor of Singapore funding markets at CBRE, includes that renting need for housing in the location has been strong, underpinned by its proximity to facilities and schools.
Both Upper Serangoon Mall websites have a collective gross flooring area (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 household usage with a gross plot proportion of 3.0. The 2nd story, inhabiting 43,012 sq ft, is zoned for residential usage with a gross plot proportion of 2.8.
The overview price of $260 million for Upper Serangoon Mall converts to around $1,471 psf based on the GFA. A private proprietor at the moment holds the adjacent land plot that is up for sale. Spanning 7,505 sq ft, the land is marked for road use. No overview cost was offered the plot.
CBRE includes that the site also stands to benefit from the upcoming moving of Paya Lebar Airbase in 2030. The transfer is anticipated to free up about 800 hectares of redevelopment land, which will certainly be progressively transformed right into “an extremely livable and lasting new community comprising housing and recreational facilities, as well as employment opportunities”.
Upper Serangoon Shopping center, finished in the 1980s, includes a blend of commercial and household units. Situated inside the Surin and Charlton landed territory in District 19, it takes advantage of distance to a range of amenities, offering different F&B shops, Nex Shopping mall and Heartland Shopping Mall. The location is also home to numerous parks, including Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
Bagnall Haus Upper East Coast Road
Michael Tay, CBRE’s head of Singapore capital markets, claims the consolidated plots would have an overall GFA of 176,792 sq ft, based on authorization from the appropriate authorities. He includes that CBRE will be submitting an Outline Planning Permission (OPP) for the property development of the three plots right into a mixed-use development with non commercial, serviced condominium and retail units.
Tay includes that being nestled within the upscale low-density Surin and Charlton landed enclave, and with the possibility for property developers to build up to 36 floors for brand-new residential development, the majority of the units will gain from unobstructed and protected views overlooking the landed estate.
The public tender for Upper Serangoon Mall is established to finalize on June 10 at 3pm.
The two Upper Serangoon Shopping Centre sites are up for sale by public tender, whilst the adjoining land plot is being sold available one by one by exclusive treaty, says CBRE, the appointed marketing agent for the properties. Purchasers can get Upper Serangoon Shopping Centre solely or collectively with the adjoining plot.
If accepted, the development could potentially have roughly 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 residences, respectively.
The Upper Serangoon Shopping center sites give the possibility to refurbish the existing building right into a newer retail mall, claims CBRE. “Alternatively, buyers wanting to obtain Upper Serangoon Shopping Centre together with the adjoining plot can look into redeveloping the joined site into a mixed-use development,” the firm adds. The three sites have a consolidated site area of about 58,591 sq ft.
