Upper Serangoon Shopping Centre up for collective sale at $260 mil
Upper Serangoon Shopping Centre, a freehold strata-titled development on Upper Serangoon Road, is up for collective sale with a guide price of $260 million. Consisting of two freehold sites, the real property is being offered together with an adjoining land plot that consists the access road in between both places.
If authorized, the property development could possibly have around 154 household 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 overview rate of $260 million for Upper Serangoon Mall equates to about $1,471 psf based upon the GFA. A private owner presently secures the adjoining land plot that is up for sale. Extending 7,505 sq ft, the land is designated for road use. No overview rate was offered the plot.
The open tender for Upper Serangoon Mall is set up to close on June 10 at 3pm.
Michael Tay, CBRE’s head of Singapore capital markets, states the mixed plots would have a total GFA of 176,792 sq ft, subject to approval from the relevant authorities. He includes that CBRE will be providing an Outline Planning Permission (OPP) for the project of the 3 plots into a mixed-use development with non commercial, serviced flat and retail components.
He believes possible residences at the site would attract solid interest from buyers inside the surrounding household estates. Clemence Lee, executive supervisor of Singapore resources markets at CBRE, adds that renting need for housing in the area has been strong, underpinned by its closeness to amenities and schools.
Schools close to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, that stand within 1km, as well as international universities such as Lycée Français de Singapour and Australian International School.
The two Upper Serangoon Mall websites have a collective gross floor area (GFA) of 176,792 sq ft. The very first story has a site location of 8,075 sq ft that is zoned for business and residential use with a gross plot proportion of 3.0. The 2nd story, occupying 43,012 sq ft, is zoned for household use with a gross plot proportion of 2.8.
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CBRE includes that the location also sets to gain from the upcoming moving of Paya Lebar Airbase in 2030. The relocation is anticipated to release up around 800 hectares of redevelopment land, which will certainly be gradually transformed into “an extremely livable and sustainable new town consisting of housing and leisure facilities, along with employment opportunities”.
Upper Serangoon Shopping Centre, finished in the 1980s, features a blend of retail and residential units. Situated within the Surin and Charlton landed territory in District 19, it benefits from closeness to a series of services, having diverse F&B outlets, Nex Shopping mall and Heartland Shopping Mall. The area is also home to numerous parks, covering Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
Tay includes that being situated within the wealthy low-density Surin and Charlton landed surround, and with the potential for developers to build up to 36 storeys for brand-new residential development, most of the units will certainly gain from unobstructed and secured views overlooking the landed estate.
The Upper Serangoon Mall locations give the chance to repair the existing structure into a newer retail shopping mall, says CBRE. “Otherwise, purchasers aiming to obtain Upper Serangoon Mall along with the adjoining plot can consider redeveloping the joined site into a mixed-use development,” the company adds. The three sites have a combined site area of about 58,591 sq ft.
Both Upper Serangoon Shopping Centre sites are up for sale by public tender, whilst the adjacent land plot is being marketed available separately by exclusive treaty, says CBRE, the assigned marketing agent for the properties. Purchasers can acquire Upper Serangoon Shopping Centre by itself or collectively with the adjoining plot.
