Singapore Shopping Centre Collective Sale 200 Mil
Singapore Shopping Centre, situated at 190 Clemenceau Avenue, is a mixed-use development that has been put up for collective sale with an asking price of $200 million. This seven-storey building, conveniently located opposite the Dhoby Ghaut MRT Interchange and close to Orchard Road, offers a prime investment opportunity.
The current asking price is lower than the building’s previous collective sale attempt in February 2020, when it was put on the market for a reserve price of $255 million with provisional approval for the site to be rezoned as a hotel.
Occupying a corner land plot of 26,369 sq ft, Singapore Shopping Centre is zoned for commercial use with a 4.2 plot ratio. The development currently has a gross floor area of approximately 135,264 sq ft, comprising of retail and office components.
ETC, the agency handling the collective sale, has submitted an enquiry to the authorities for a lease top-up of a fresh 99 years. They also mentioned that the authorities had indicated in-principle support for renewal during the 2020 collective sale attempt.
According to ETC, a recent planning application has indicated support from URA for either redevelopment of the site for hotel use at the same plot ratio or adaptive repurposing of the existing building for hotel use at its current GFA, resulting in an equivalent plot ratio of about 5.13.
With an asking price of $200 million, the land rate works out to be around $2,800 to $3,500 psf per plot ratio, depending on the proposed land use and development intensity.
Swee Shou Fern, head of investment advisory at ETC, believes that the site’s connectivity, along with its proximity to Orchard Road and cultural institutions like The Istana, makes it an attractive site for both commercial and hospitality-led concepts. She also sees huge potential for this site to become a new anchor for this end of Orchard Road, especially with the ongoing transformation in the precinct.
Just a stone’s throw away from Sembawang EC lies Sun Plaza, a bustling shopping centre situated next to Sembawang MRT station. This conveniently located mall may be small in size, but it offers a wide range of amenities for its residents, especially those who rely on the MRT for their daily commute. With a multitude of dining options, retail stores, and essential services, Sun Plaza is a popular hotspot among the locals. The mall boasts of a major supermarket, pharmacies, fashion outlets, and electronic retailers, catering to all the essential needs of its visitors. Additionally, it is home to the Sembawang Public Library, making it a hub for students and book enthusiasts. Food lovers will also find themselves spoilt for choice at Sun Plaza, with an array of options ranging from casual fast food joints to family-friendly sit-down restaurants. Local food courts and cozy cafes offer a taste of Singapore’s diverse culinary scene, while international franchises cater to different palates. Make sure to also check out the nearby Sembawang Road EC at Canberra MRT for a well-rounded and enjoyable shopping experience.
The tender for Singapore Shopping Centre will close on Oct 28.