Siglap Shopping Centre Singapore has been put up for collective sale through a public tender recently for a guide price of S$120 million.
A mixed-used, freehold site, the sale of Siglap Shopping Centre will be managed by marketing agency OrangeTee Advisory.
There are 8 commercial units and 8 residential units in this shopping centre that was built in 1980. It is located along 883 – 903A East Coast Road encompassing total 39,635 sq ft of area
According to OrangeTee, a land plot covering 5005 sq. ft area belonging to the state adjoins the enbloc site. If that can be incorporated with Siglap then the resultant 44,640 sq. ft area can be used for commercial and residential purposes.
This however is only possible upon necessary approval from authorities.
With 3.0 GPR (gross plot ratio), under the 2019 Urban Redevelopment Authority’s Master Plan this property is marked for residential use while commercial spaces are also available. The allowable building height, according to URA’s Master Plan is only four storeys.
The asking price of S$120 m means that land rate comes to about S$1,235 psf per plot ratio after the additional 7% bonus residential GFA from the private outdoor space is factored in.
The reserve price is also inclusive of the development charge that is estimated to be S$47.47m as well as the alienation cost for the adjoining state land plot of S$7.2m.