Upper Serangoon Shopping Centre back on the market at unchanged S$260 million price
This translates to a land rate of S$1,471 psf
[SINGAPORE] The six-storey strata-titled building Upper Serangoon Shopping Centre has been relaunched for collective sale, with an unchanged reserve price of S$260 million.
This translates to a land rate of S$1,471 per square foot (psf) on the existing gross floor area of 176,792 square feet (sq ft), said marketing agent CBRE in a press statement on Tuesday (Nov 18).
The consultancy said it has submitted an outline planning permission to the authorities for the development of a mixed-use project comprising serviced apartments, retail and residential components.
Redevelopment can potentially yield around 154 homes and 56 serviced apartments, or 23 homes, with 12,000 sq ft of commercial space in total. This will be subject to the authorities’ approval and assumes an average home size of 85 square metres (sq m) and 35 sq m for serviced apartments.
Located in District 19, the mixed-use site comprises two land parcels with a combined land area of 51,086 sq ft. One plot, in the front along Upper Serangoon Road, is zoned for commercial and residential use with a gross plot ratio of 3.0. The other plot, closer to Taman Sireh, is zoned as residential with a gross plot ratio of 2.8.
This is the owners’ second attempt in the last year to sell the freehold Upper Serangoon Shopping Centre. Its previous tender closed on Jun 10 with no takers.
The land rate of S$1,471 psf represents a premium of up to 50 per cent of the site’s existing market value, chairman of the collective sale committee Mathews Thomas previously told The Business Times.
In the past decade, just two residential units at Upper Serangoon Shopping Centre have been sold. Most recently in November 2021, a 1,292 sq ft unit on the sixth floor changed hands for S$1.4 million or S$1,107 psf.
Over that period, around 20 commercial units were transacted, with four sold in 2024 alone. The latest in July 2024 was a 248 sq ft unit on the third floor, which changed hands at S$580,000 or S$2,343 psf.
Clemence Lee, CBRE executive director of capital markets in Singapore, reckoned that the new development will attract both homeowners and investors, drawn to its attractive location and future demand pool.
Michael Tay, CBRE Singapore advisory deputy managing director and head of capital markets, added: “Singapore’s controlled land supply and strong economic fundamentals further contribute to a positive long-term outlook for the property market.”
The tender for Upper Serangoon Shopping Centre closes on Dec 3.
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