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Siglap Shopping Centre collective sale to carry S$120m reserve price
SIGLAP Shopping Centre, a freehold, mixed-use site, will be put up for collective sale via public tender on Tuesday with a reserve price of S$120 million, marketing agent OrangeTee Advisory said on Monday.
Located at 883 - 903A East Coast Road, the shopping centre comprises eight commercial units and eight residential units completed around 1980, sitting on a site spanning about 39,635 square feet (sq ft).
There is an adjoining state land plot of some 5,005 sq ft that may be alienated and amalgamated to form a larger combined site of about 44,640 sq ft, subject to approval from relevant authorities, OrangeTee said.
The site is zoned for residential with commercial at storey use under the Urban Redevelopment Authority's Master Plan 2019. It has a gross plot ratio of 3.0 and a building height control of four storeys.
The S$120 million reserve price translates to a land rate of S$1,235 per square foot per plot ratio, after factoring in the additional 7 per cent bonus residential gross floor area for private outdoor spaces and inclusive of an estimated development charge of S$47.47 million and an estimated alienation cost of S$7.2 million for the state land plot.
OrangeTee executive director Edmund Lee said the site is likely to see good interest from developers with its freehold tenure and location in the popular District 15.
"The optimal site area, coupled with a frontage of about 60 metres onto East Coast Road, offers developers the opportunity to build a prominent mixed-use development to cater to the lifestyle demands of buyers," he said.
Siglap Shopping Centre is close to Bedok Mall, Parkway Parade and Parkway East Hospital. It is also within the vicinity of Victoria School, St Patrick's School, CHIJ Katong Convent and Victoria Junior College.
OrangeTee said the site is well served by the Kembangan and Bedok MRT stations and has easy access to the East Coast Parkway and Pan Island Expressway. It is also close to the upcoming Siglap MRT station on the new Thomson-East Coast Line.
OrangeTee director Tay Liam Hiap noted that new project sales in the East Coast area have been trending well and attest to the continued appeal of the Siglap/Katong district with its plethora of dining, shopping and recreational amenities.
"The proximity to beaches, parks and Changi Airport further amplifies the attractiveness and draw of the area to home buyers," Mr Tay said.
The tender for Siglap Shopping Centre will close on Dec 9 at 3pm.