Singapore Shopping Centre on en bloc market with S$255m reserve price
SINGAPORE Shopping Centre has put itself on the collective sale market with a reserve price of S$255 million.
The seven-storey retail and office development, located at 190 Clemenceau Avenue in the Orchard area, spans a land area of 2,449.8 sq m.
It is zoned for commercial use under DMP19 with a plot ratio of 4.2+.
The development also has a “prominent triple-road frontage onto Clemenceau Avenue, Penang Road and Penang Lane” and is located opposite Dhoby Ghaut MRT, said marketing agent SRI.
Andy Gan, head of investment sales at SRI, said the area is “poised for a major rejuvenation with the redevelopment of Park Mall just across the street”.
Tony Koe, managing director at SRI, pointed out proposed plans by authorities to pedestrianise part of Orchard Road and connect green spaces at the Istana Park, Dhoby Ghaut Green and the open space at Plaza Singapura.
SRI said it had also brokered the collective sale of a small District 9 apartment building – the first such sale of a residential development this year.
The five-unit Sophia View on Sophia Road was sold in June to a private investor.
SRI declined to reveal the exact price tag for the development, but it said each unit will get about S$2 million.
Sophia View, at 108 Sophia Road, is zoned residential and has a plot ratio of 2.1.
Bruce Lye, co-founder and managing partner of SRI, said that the buyer is purchasing it in his own name and is “keeping his options open”.
The buyer will later evaluate whether he wants to re-develop the land or submit for potential change of use.
Mr Lye said: “Essentially for this investor, he sees the potential upside of the area and value of the land and he is taking a long-term view of market.”
Despite a slew of fresh and re-launched tenders, the residential en bloc market remains largely quiet.
According to Cushman & Wakefield’s head of research for South-east Asia Christine Li, the last residential collective sale transactions in the market prior to Sophia View were that of Phoenix Heights, sold in August 2018 to an associate of OKP Holdings; and Waterloo Apartments, sold for S$131.1 million in November to Fragrance Group, to be turned into a hotel from its existing zoning of “residential with first-storey commercial”.