With just a few months left to celebrate the Golden Anniversary of its development, the Goldhill Shopping Centre is all set to try again its en bloc sale.
With the recent shift of focus from residential to commercial properties’ collective sale and the new guidelines slated for 17th Jan 2019, the owners of this landmark building look forward to developers at this prime time.
When Goldhill Developments, Malaysia completed this low-rise complex in 1969, it was the first Shopping Centre away from the CBD (Central Business District). It served the need for small sized offices outside CBD and the project was a huge success.
Situated in Novena, District 11, Core Central Region, this freehold property has a land area of 62,422 sq ft.
As a three-storey walk up building with retail spaces in ground floor, there are a total of 87 units in the complex.
It is surrounded by landmarks like Tan Tock Seng Hospital, Novena Square 2 and United Square.
Novena MRT Station is just two minutes walk from Goldhill Shopping Centre. In fact, there is a provision for basement connection to the Novena MRT Station, subject to approval, in the redevelopment.
It is also close to Health City Novena, an ambitious project consisting of a band of healthcare, medical education and translation research activities, all in one place, expected to be developed by 2030.
Categorized as commercial under the Master Plan with 3.0 plot ratio, it could be redeveloped to build up to 187,266 sq ft GFA.
Recent collective sales in District 11 include Peak Court and Dunearn Gardens at $118.88 million and $468 million respectively during the second quarter of 2018.
This is their third attempt, Cushman & Wakefield (C&W) was appointed as Marketing Agents for the collective sale.
While the guide price was S$425 million, the psf ppr of this site worked out to S$2,597, which included development charges of S$61.2 million.
Ms. Christina Sim, Director of Capital Markets, C&W had expressed hopes considering the strategic location of the site and envisioned huge potential to redevelop it into yet another prestigious structure, especially with projects like North South Expressway in the pipeline.
Goldhill Shopping Centre Tender Result
This third tender, which closed on 27th June, 2018 has also not attracted any developers.
The property is presently available for relaunch.
It is highly probable that few developers might compete when relaunched, considering the fact that new guidelines with more restrictions on residential properties are expected from Jan 2019.