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 property is being put up for sale together with an adjoining land plot that makes up the access road between the two sites.
The two Upper Serangoon Shopping Centre sites are up for sale by public tender, while the adjoining land plot is being marketed for sale separately by private treaty, says CBRE, the appointed marketing agent for the properties. Purchasers can acquire Upper Serangoon Shopping Centre alone or collectively with the adjoining plot.
The two Upper Serangoon Shopping Centre sites have a collective gross floor area (GFA) of 176,792 sq ft. The first plot has a site area of 8,075 sq ft that is zoned for commercial and residential use with a gross plot ratio of 3.0. The second plot, occupying 43,012 sq ft, is zoned for residential use with a gross plot ratio of 2.8.
The guide price of $260 million for Upper Serangoon Shopping Centre translates to around $1,471 psf based on the GFA. A private owner currently holds the adjoining land plot that is up for sale. Spanning 7,505 sq ft, the land is designated for road use. No guide price was provided for the plot.
Upper Serangoon Shopping Centre, completed in the 1980s, features a blend of commercial and residential units. Situated within the Surin and Charlton landed enclave in District 19, it benefits from proximity to a range of amenities, including diverse F&B outlets, Nex Mall and Heartland Mall. The area is also home to several parks, including Surin Neighbourhood Park, Maplewood Park and the Jalan Pelikat Park Connector.
The Upper Serangoon Shopping Centre sites offer the opportunity to refurbish the existing building into a newer retail mall, says CBRE. “Alternatively, purchasers looking to acquire Upper Serangoon Shopping Centre together with the adjoining plot can consider redeveloping the combined site into a mixed-use development,” the firm adds. The three sites have a combined site area of about 58,591 sq ft.
Michael Tay, CBRE’s head of Singapore capital markets, says the combined plots would have a total GFA of 176,792 sq ft, subject to approval from the relevant authorities. He adds that CBRE will be submitting an Outline Planning Permission (OPP) for the development of the three plots into a mixed-use development with residential, serviced apartment and retail components.
If approved, the development could potentially have approximately 154 residential 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.
Tay adds that being nestled within the affluent low-density Surin and Charlton landed enclave, and with the potential for developers to build up to 36 storeys for new residential development, the majority of the units will benefit from unobstructed and protected views overlooking the landed estate.
He believes future residences at the site would attract strong demand from buyers within the surrounding residential estates. Clemence Lee, executive director of Singapore capital markets at CBRE, adds that leasing demand for housing in the area has been strong, underpinned by its proximity to amenities and schools.
Schools close to the site include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, which are located within 1km, as well as international schools such as Lycée Français de Singapour and Australian International School.
CBRE adds that the site also stands to benefit from the upcoming relocation of Paya Lebar Airbase in 2030. The relocation is expected to free up around 800 hectares of redevelopment land, which will be progressively transformed into “a highly livable and sustainable new town comprising housing and recreational facilities, as well as employment opportunities”.
The public tender for Upper Serangoon Shopping Centre is set to close on June 10 at 3pm.
