SINGAPORE – Hot on the heels of the successful en bloc sale of 108 Sophia Road (Sophia View) in District 9, Singapore Realtors Inc (SRI) is pleased to announce the sale of Singapore Shopping Centre for collective sale via tender in the same district.
Situated at 190 Clemenceau Avenue, Singapore Shopping Centre is a rare 7-storey retail-cum-office development nestled in the heart of the Orchard Shopping Belt and strategically located opposite Dhoby Ghaut MRT Station.
Dhoby Ghaut MRT Station is currently the only triple-line MRT interchange in Singapore. By 2021, this station will also become part of the ThomsonEast Coast Line.
Under the 2019 Draft Master Plan (DMP19), the Central Area is envisioned to be home to global business and financial hub, and a vibrant 24/7 lifestyle destination. This expansion will offer more jobs and business opportunities for the future economy of Singapore.
Mr Tony Koe, Managing Director at SRI shares, “Rejuvenation of Istana Park with themed parks is part of the making of ‘A Green Oasis in the City’ in the continuing evolution of Orchard Road. The authority can potentially enhance the connectivity between the open spaces above the MRT Station, to create a continuous green oasis comprising Istana Park, Dhoby Ghaut Green and Plaza Singapura. It will be great to see the fruition of a pedestrianized section of Orchard Road happening at the doorstep of the new Singapore Shopping Centre.”
At a reserve price of S$255-million, the building occupies 2,449.8 sqm of land area and is zoned for commercial use under DMP19 with a plot ratio of 4.2+.
Singapore Shopping Centre also has a prominent triple-road frontage onto Clemenceau Avenue, Penang Road and Penang Lane.
Full commercial zoning gives maximum flexibility to the purchaser, allowing the successful bidder to explore redeveloping the new project into offices, retail building, commercial schools, hotels, banks or restaurants, subject to approval from relevant authorities. There will not be any additional buyer’s stamp duty or seller’s stamp duty payable, providing the opportunity for both local and foreign buyers.
“This locale is poised for a major rejuvenation with the redevelopment of Park Mall just across the street. The developers of Park Mall also announced in April that UBS Singapore has signed on to fully take up 381,000 sq ft of a net lettable area spanning over eight levels across two towers of the redeveloped building expected to be completed at the end of the year,” says Mr. Andy Gan, Head of Investment Sales at SRI.
The tender close at 12 pm on Monday, 9th September 2019.
This article is contributed by SRI.