Rare City Fringe Freehold Commercial Land for Sale by Tender
Savills Singapore is pleased to announce the launch for sale by tender, the collective sale of 320 Serangoon Road also known as Serangoon Plaza.
The existing 5-storey complex consists a mix of 128 units of retail and office space. Zoned “Commercial” with an ascribed plot ratio of 3.0 under the 2008 Master Plan, the subject site of 6,365.8 sm (approximately 68,521 sq.ft) can potentially be redeveloped into a sizeable commercial development with a permissible gross floor area of up to 19,097.4 sm (approximately 205,563 sq.ft).
Prominently located at the junction of the main Serangoon Road and Syed Alwi Road with a wide frontage of approximately 140 metres, the subject site is well connected to the city and the Central Business District. The Farrer Park MRT station along the North-East Line is less than 200 metres away.
The site is nestled within the heritage-rich Farrer Park precinct of Little India which is home to historic landmarks, traditional shophouses, 24-hour Mustafa Centre, boutique hotels and mid and high-rise residential housing. The locale has witnessed rapid gentrification with the development of City Square Mall/Residences and new residential apartments. Its vibrancy will be further enhanced with the completion of Connexion, one of the region’s first integrated health care and hospitality complex comprising a medical centre, hospital and hotel as well as the 300-room Park Hotel Farrer Park within the mixed development project known as Farrer Square.
The Collective Sale of 320 Serangoon Road has an indicative guide price of between S$360 million to S$368 million or about S$1,751 to S$1,790 psf ppr respectively. With its high development baseline, the subject plot does not attract any development charge.
“We expect strong interest from developers seeking good quality commercial plot in an established city fringe location. Traditionally, this locale, with its unique cultural and heritage identity, enjoys heavy pedestrian footfall from tourists, business travellers and locals. With the upcoming Connexion medical hub, the immediate surrounding is gearing up for greater vibrancy and buzz. An attractive freehold plot of this size and scale in close proximity to a MRT station is definitely a rare find in the market.” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore who is handling the sale.
She added, “Besides, we are working towards securing a 100% mandate for the sale of the site and coupled with strong demand for well located strata-titled commercial units, we are confident that 320 Serangoon Road will appeal to a myriad of medium and large property players.”
The tender for 320 Serangoon Road will close at 3pm on 31 October 2013.
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