Singapore Shopping Centre has been put up for en bloc sale and has set S$255 million as the reserve price.
The commercial property which is located at 190 Clemenceau Avenue is part of the Orchard Area.
The 7-storey office and retail development sits on a plot covering an area of 2,449.8 square metres. As per URA’s Draft Master Plan 2019 this site has been zoned commercial and has 4.2+ plot ratio.
SRI, the marketing agent for this collective sale said that the location of this site plays to its advantage.
The property has frontage on three roads – Penang Road, Clemenceau Avenue and Penang Lane.
It is also located opposite to the Dhoby Ghaut MRT Station making this place easily accessible.
Head of Investment Sales at SRI, Mr Andy Gan said that this area is all set to undergo major transformation and the Park Mall that is being redeveloped across the street adding to the vibrancy of the area.
SRI’s MD, Mr Tony Koe added that what will add to the vibrancy of the area is the proposed plan from the authorities to make the Orchard Road pedestrian friendly and connect the green spaces at Dhoby Ghaut Green, Istana Park along with Plaza Singapura’s open space.
In related development SRI has successfully brokered the en bloc sale of a small apartment building in District 9.
This is incidentally the first sale in the residential space for this year.
Sophia View with its five units located along the Sophia Road was bought by a private investor in the month of June.
SRI however declined to disclose the exact price for this transaction but revealed that each unit holder would earn in the range of approximately S$2 million.
Located on 108 Sophia Road, the site with 2.1 plot ratio has been zoned for residential use.
Bruce Lye, SRI’s Co-Founder and Partner said that the buyer bought the property in his own name and has kept his options open regarding redevelopment.
He said that the buyer would assess his options closely before reach out to the authorities for any change of use for the site.
Mr Lye added the buyer has a long-term plan for the property and foresees upside of this area where the valuations are likely to go up in the future.
The residential en bloc market has seen cold reception this year so far despite the fact that many new properties have hit the market and several others have also been re-launched.
Christine Li, Head of Research for Southeast Asia at Cushman & Wakefield said that it has been quite a while for en bloc sale in the residential market.
In fact, Waterloo Apartments was the last property to be sold before Sophia View in November 2018.
It was bought by Fragrance Group for S$131.1 million and has since then acquired the approvals to be converted into a hotel from its earlier residential and first-storey commercial use.
Phoenix Heights changed hands in August 2018 and an associate linked to OKP Holdings had picked up that property.