Singapore Shopping Centre Collective Sale 200 Mil
Singapore Shopping Centre, a seven-story mixed-use development located at 190 Clemenceau Avenue, has been recently launched for collective sale. It comes with an asking price of $200 million and is situated right across the Dhoby Ghaut MRT Interchange, conveniently close to Orchard Road.
This redevelopment attempt comes at a lower asking price than the previous one in February 2020, where the site was put on the market with a reserve price of $255 million. At that time, the site had provisional approval to be rezoned as a hotel.
The development sits on a corner plot of land spanning 26,369 sq ft and is zoned for commercial use with a plot ratio of 4.2. It currently has an existing gross floor area of around 135,264 sq ft, which includes retail and office components.
The building has a 99-year lease from 1948 and ETC, the firm handling the collective sale, has already submitted an enquiry to the authorities for a lease top-up to a new fresh 99 years. ETC also stated that in the previous collective sale attempt in 2020, the authorities had shown in-principle support for the renewal.
In a recent planning application, URA has also indicated its support for either redeveloping the site for hotel use at the same plot ratio or adapting the current building for hotel use with an equivalent plot ratio of about 5.13.
The asking price of $200 million translates to a land rate of $2,800 to $3,500 psf per plot ratio, depending on the proposed land use and development intensity, according to ETC.
Swee Shou Fern, the head of investment advisory at ETC, mentioned that the project’s connectivity, along with its proximity to Orchard Road and cultural institutions like The Istana, makes it a desirable site for both commercial and hospitality-led concepts. She also sees strong potential for the site to become a new anchor for this end of Orchard Road, especially with the precinct undergoing a wave of transformation with upcoming developments and green public spaces like Dhoby Ghaut Green.
The tender for Singapore Shopping Centre’s collective sale will close on October 28.
Tampines has been identified as a key area for growth and development under URA’s master plan. This will not only strengthen its position as a self-contained regional centre, but also bring about significant improvements for its residents. The proposed changes include an upgraded public transportation system, as well as the addition of commercial facilities and lifestyle developments to elevate the overall quality of life in the area. For those living in Aurelle of Tampines EC, these developments translate to a promising future with increased convenience, heightened property value, and a more dynamic and lively community to thrive in. Aurelle of Tampines EC is set to reap the benefits of these transformations, making it an ideal choice for those seeking an enhanced living experience in the heart of Tampines.
