Tender deadline for Upper Serangoon Shopping Centre collective sale pushed to September

The deadline for the sale of Upper Serangoon Shopping Centre and an adjoining land plot has been extended to Sept 9 from its original closing date of June 10.

Marketing agent CBRE says the deadline has been extended as an Outline Planning Permission (OPP) was just received from URA, which supports the proposed redevelopment of the entire site into a mixed-use project with residential, serviced apartment and retail components. “We have agreed with the sellers that we should offer would-be purchasers and developers an opportunity to assess the implications and consider their options for the sites,” the firm adds.

Upper Serangoon Shopping Centre was launched for sale by public tender on April 7, with a guide price of $260 million. It consists of two freehold land plots measuring 8,075 sq ft and 43,012 sq ft, respectively. The smaller plot is zoned for commercial and residential use with a gross plot ratio of 3.0, while the larger plot is zoned for residential use with a gross plot ratio of 2.8.

The shopping centre was put up for sale together with an adjoining land plot that makes up the access road between the two sites. The adjoining land plot, spanning 7,505 sq ft, is held by a private owner and is up for sale by private treaty.

Per the OPP, the proposed development on the site would have a gross floor area of 176,792 sq ft, comprising 35,344 sq ft on the smaller Upper Serangoo Road Shopping Centre plot for commercial and serviced apartment use and 141,448 sq ft on the larger plot for residential use. The adjoining land plot would be vested to the Land Transport Authority for a public road. The allowable number of dwelling units will be subject to an average of 915 sq ft per unit for the larger plot.

Michael Tay, CBRE Singapore advisory deputy managing director and head of capital markets, says the three-month tender extension will give developers more time to determine the development mix and pricing for the site. “Consequently, we anticipate strong interest from developers who have looked at the site with interest since we first launched the tender on April 7,” he adds.