Savills announces today the sale of Serangoon Plaza for S$400 million representing a unit land rate of S$1,946psf ppr with no development charge payable to Feature Development Pte Ltd, an associate company of the Tong Eng Group of Companies.
Savills announces today the sale of Serangoon Plaza for S$400 million representing a unit land rate of S$1,946psf ppr with no development charge payable to Feature Development Pte Ltd, an associate company of the Tong Eng Group of Companies.
“Serangoon Plaza, with its excellent site attributes, offers an attractive redevelopment opportunity in the Farrer Park precinct. This is probably the last key pocket available to create an iconic commercial landmark. This locale is in the midst of major transformation and rejuvenation sparked by the opening of Farrer Park MRT station and City Square Mall. The completion of Connexion and Farrer Square/300-room Park Hotel Farrer Park in the near future will certainly add new buzz and vibrancy.” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore, who brokered the deal.
Steven Ming, Deputy Managing Director of Savills Singapore, commented “With a price tag of S$400 million, this represents the largest single commercial collective sale on record to-date and possibly the biggest collective sale since the last property cycle when Savills sold Westwood Apartments in November 2007 for a reported S$435 million.”
Serangoon Plaza is sited in a city fringe location with a distinctive cultural and rich heritage identity. Prominently set at a busy traffic corner with double street frontage onto Serangoon Road and Syed Alwi Road, it enjoys high volumes of passing foot traffic. Built in the mid 60s, (then known as President Shopping Centre), the 5-storey complex comprises 128 units of strata retail and office space totalling 9,733 sm（104,765 sq.ft.）occupying a freehold land of 6,365.8 sm ( 68,521 sq.ft.).
The site is conveniently located and enjoys excellent connectivity to the MRT stations, major expressways as well as amenities. It is approximately 110 m from the nearest exit/entrance of Farrer Park MRT Station on the North East Line and a short stroll to the upcoming Jalan Besar MRT station on the Down Town Line Stage 3.
Subject to confirmation by the relevant authorities, the near regular freehold plot can potentially be redeveloped to accommodate a full commercial development with a gross floor area of 205,563 sq.ft. at the allowable plot ratio of 3.0 under the Master Plan 2008. In view of its high development baseline, the subject plot does not attract any development charge.
The sale is not subjected to Strata Titles Board approval as there is 100% consent mandate.
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