Singapore Shopping Centre launched for collective sale at $255 mil

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/ EdgeProp
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July 17, 2019 1:25 PM SGT
Singapore Shopping Centre at 190 Clemenceau Avenue has launched a collective sale attempt with a reserve price of $255 million, announced Singapore Realtors Inc (SRI), marketing agent for the development.
Singapore Shopping Centre is a seven-storey, mixed-use development comprising retail and office components. It sits on a 26,369 sq ft plot of land which boasts triple road frontage onto Clemenceau Avenue, Penang Road, and Penang Lane.
Singapore Shopping Centre is a seven-storey, mixed-use development on Penang Road (Picture: SRI)
It is opposite the Dhoby Ghaut MRT interchange station, which connects to the North-East, North-South, and Circle Lines. The interchange will also connect to the upcoming Thomson-East Coast Line by 2021.
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The property is located next to the upcoming 9 Penang Road, a redevelopment of the former Park Mall by joint-venture partners SingHaiyi Group, Haiyi Holdings, and Suntec (PM). UBS is poised to occupy eight levels across the new development’s two Grade-A office towers.
The site is zoned for commercial use and has a plot ratio of 4.2+ under the 2019 Draft Master Plan. Its zoning allows greater flexibility for the purchaser to redevelop the site to include offices, a retail building, commercial schools, hotels, banks, or restaurants.
No additional buyer’s stamp duty or seller’s stamp duty will be payable, and the purchase is open to both local and foreign buyers.
The tender closes on Sept 9.