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Goldhill Shopping Centre in Novena up for en bloc sale with S$425m reserve price
NOVENA's Goldhill Shopping Centre has been launched for collective sale with a reserve price of S$425 million, announced property services firm Cushman & Wakefield, the agent handling the tender exercise.
With a development charge of around S$61.2 million, the land rate for the freehold site translates to around S$2,597 per square foot per plot ratio (psf ppr).
Cushman & Wakefield said that the sale is the first fully-commercial collective sale site to be launched this year, with the tender set to close on June 27, 2018 at 3pm.
The existing development, with a site area of 62,422 square feet (sq ft), comprises three blocks of walk-up commercial units, with retail shops filling up the ground floor units. The site is zoned "commercial" with a plot ratio of 3.0, translating to a maximum gross floor area of around 187,266 sq ft. It has a building height limit of 117 metres AMSL (above mean sea level).
The Goldhill site represents an opportunity for developers to "create a trophy landmark commercial development in an established location", said Christina Sim, Cushman & Wakefield's director of capital markets.
It is within walking distance to, among other developments, United Square, Novena Square Square 2 and Tan Tock Seng Hospital.
"With the impending North-South Expressway in the pipeline, there may also be a possibility of a direct connection to the Novena MRT Station through the basement, subject to planning approval," she noted.