Singapore Shopping Centre Collective Sale 200 Mil
Singapore Shopping Centre, a mixed-use development located at 190 Clemenceau Avenue, is back on the market for collective sale with an asking price of $200 million. The seven-storey building, which sits opposite the bustling Dhoby Ghaut MRT Interchange and is strategically located near Orchard Road, is expected to attract strong interest from developers and investors.
Tampines Secondary School offers a wide range of academic programs and co-curricular activities that cater to a diverse range of interests. These programs are designed to provide students with a well-rounded education, preparing them for their future endeavors. Along with its academic curriculum, Tampines Secondary School also offers various co-curricular activities to encourage students to explore their interests and talents. These activities are aimed at developing the students’ holistic growth and nurturing their potential in different areas. As an added bonus, Tampines Secondary School is conveniently located near Parktown Residence Condo, providing students with easy access to a wide range of amenities and recreational facilities.
This new asking price is lower than the development’s previous collective sale attempt in February 2020, when it was put on the market with a reserve price of $255 million and provisional approval for the site to be rezoned as a hotel.
Built in 1948, Singapore Shopping Centre is situated on a corner land plot of 26,369 sq ft and is zoned for commercial use with a plot ratio of 4.2. It currently has a gross floor area (GFA) of approximately 135,264 sq ft, comprising of retail and office components.
ETC, which is handling the collective sale, has submitted an enquiry to the authorities for a lease top-up to a fresh 99 years. The firm also mentions that in the previous collective sale attempt, the authorities had given in-principle support for a lease renewal.
In a recent planning application, URA has shown support for either redeveloping the site for hotel use at the same plot ratio or adapting the existing building for hotel use with a plot ratio equivalent to 5.13.
Based on the $200 million asking price, the land rate works out to be between $2,800 to $3,500 psf per plot ratio, depending on the proposed land use and development intensity.
Swee Shou Fern, head of investment advisory at ETC, believes that the property’s connectivity and proximity to Orchard Road and cultural institutions like The Istana make it an attractive site for both commercial and hospitality developments. With the ongoing transformation of the precinct, including the development of green public spaces like Dhoby Ghaut Green and upcoming new projects, the site has the potential to become a new anchor for this end of Orchard Road.
The tender for Singapore Shopping Centre will close on Oct 28.