SINGAPORE (EDGEPROP) - Singapore Shopping Centre has relaunched its collective sale attempt with a provisional approval to rezone the site for hotel use. The reserve price of the property at 190 Clemenceau Avenue remains unchanged at $255 million, announced Singapore Realtors Inc (SRI), the marketing agent for the collective sale.
The seven-storey mixed-use development comprising retail and office components boasts a triple road frontage along Clemenceau Avenue, Penang Road, and Penang Lane. The development is also opposite Dhoby Ghaut MRT Station and is close to the Orchard Road shopping belt.
The development sits on a 26,369 sq ft site with a development baseline of 135,264 sq ft, and a 4.2 plot ratio that translates to a maximum building height of six storeys.
According to SRI, “a full commercial zoning gives maximum flexibility to the purchaser, allowing the successful bidder to explore redeveloping the new project into offices, retail building, commercial schools, hotels, banks or restaurants, subject to approval from relevant authorities”.
Rejuvenation plans for the areas surrounding Istana Park will enhance the connectivity between open spaces around Dhoby Ghaut Station and create a green oasis in the city comprising Istana Park, Dhoby Ghaut Green, and Plaza Singapura. This will enhance future pedestrian traffic around Singapore Shopping Centres says Tony Koe, managing director at SRI.
Stay updated with En Bloc Singapore - Latest News, Enbloc Potential, Listings & Sales in 2021
For price trends, recent transactions, other project info, check out Singapore Shopping Centre research page
Read also: