Singapore Shopping Centre back on the market at S$200 million
This asking price is 21.6% lower than the S$255 million reserve price in the 2020 en bloc attempt
[SINGAPORE] Singapore Shopping Centre’s owners are making a fresh attempt at a collective sale – this time at a lower asking price of S$200 million, down 21.6 per cent from the S$255 million reserve price listed in its previous attempt.
The lower asking price translates to a land rate of between S$2,800 and S$3,500 per square foot per plot ratio (psf ppr), depending on the proposed land use and development intensity.
Spanning 2,449.8 square metres (sq m), the site is zoned for commercial use with a 4.2 plot ratio under the Urban Redevelopment Authority (URA) Master Plan 2019 (*see amendment note).
The site can be redeveloped for hotel use at the same plot ratio, or the existing building can be adaptively repurposed for hotel use based on its current gross floor area, reflecting an equivalent plot ratio of 5.1296.
The subdivision of commercial properties is generally not allowed along Orchard Road, However, the Singapore Shopping Centre site lies just outside this URA-designated zone, said the sole marketing agent ETC on Monday (Aug 18). “This gives the developer the flexibility to strata-subdivide the space if desired.”
ETC has submitted an enquiry to the authorities to renew the lease to a fresh 99-year period.
Swee Shou Fern, head of investment advisory at ETC, said: “With the precinct undergoing a wave of transformation, from green public spaces like Dhoby Ghaut Green to upcoming new developments, we see strong potential for this site to become a new anchor for this end of Orchard Road.”
She added: “Combined with the flexibility for redevelopment or adaptive reuse, this property offers developers limitless potential to create a standout destination in one of Singapore’s most recognisable corridors.”
The seven-storey retail and office development, located at 190 Clemenceau Avenue, is opposite Dhoby Ghaut MRT station. It has a triple-road frontage onto Clemenceau Avenue, Penang Road and Penang Lane. The development has an existing gross floor area of about 12,566.5 sq m.
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The building is in close proximity to 9 Penang road which houses UBS, Plaza Singapura, MacDonald House that will be occupied by private members’ club Vanta, as well as the Singapore Management University.
The building was first launched for collective sale in July 2019 at a reserve price of S$255 million. It was relaunched half a year later at an unchanged reserve price, but there were no takers then either.
The latest tender closes on Oct 28.
*Amendment note: An earlier version of the story incorrectly stated the site’s zoning under the URA Draft Master Plan 2019. It is the URA Master Plan 2019.
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