Selegie Centre a freehold property in the prime District 7 has been successfully sold in a collective sale for $120 million.
This was their third attempt at collective sale for the property and they were able to achieve $1,942 psf ppr land rate having sold for its reserve price.
Property Link Services was the marketing agent for this sale.
The owners of the 84 square metres apartments in this property would pocket nearly $1.7 million each while the shop owners would get $1 million to $12 million as per the size of their units.
This was stated by M Thomas the Chairman of the Collective Sale Committee. According to him the building was in need of extensive repair work and the collective sale has been well-time from the point of view of the owners.
M Thomas added that the redeveloped building at this site would be a major landmark that would change the landscape of Tekka which is also known as the Little India precincts.
According to him once redeveloped the new building would create a resort like atmosphere in Little India and Serangoon.
Located at the intersection of Mackenzie Road and Selegie Road this 30-year old development is located close to the Central Business District.
The mixed-development estate housed 25 apartments and 33 shops before its sale. It is located close to Rochor, Dhoby Ghaut and Little India MRT Stations all of which are walking distance from the site.
The 10-storey building encompasses total areas of more than 60,000 sq ft and is located in a place which was known to be Singapore’s transport hub back in the 1950s and 1960s.
Peak Tower Corporation, the buyer has been backed by an industrialist and developer from Indonesia and plans to build a hotel or commercial complex at this site and would be applying to rezone the site.