There is a lucrative opportunity for developers on the horizon to pick up a landmark commercial site in one of the most established locations in Singapore.
Goldhill Shopping Centre located in Novena, Central Region of Singapore has been put up for en bloc sale.
The owners have set a reserve price of at S$425 million for the freehold site. This was announced by Cushman & Wakefield the agents who would be overseeing this sale.
As far as the existing property goes it encompasses 62,422 square feet of area that are divided into three blocks of walk-up commercial properties while the ground floor of the blocks comprises of retail units.
The site has been categorised as commercial as per the Master Plan with 3.0 plot ratio. This will offer developers an option to build 187,266 sq ft GFA while keeping the maximum height of the redevelopment to 117 m above mean sea level.
Going by the reserve price the owners have set the psf ppr (per square foot per plot ratio) of this site comes to S$2,597. This figure takes into account the S$61.2 million development charges that the developer would have to pay for this freehold site.
Director of Capital Markets at Cushman & Wakefield, Christina Sim sees Goldhill Shopping Centre as a great opportunity for the developers given its prestigious location.
According to her developers can easily turn the site into a landmark commercial space. What plays to its advantage is the fact that it is the first fully commercial site that is going the collective sales route and such trophies aren’t always available for the developers to pick in the market.
The site is also in close proximity to Tan Tock Seng Hospital, Novena Square 2 and United Square. Novena MRT Station is only mins walk away.
The area Novena will soon transform into Massive health-care complex known as “Health City Novena” by 2030.
Recent En Bloc Properties sold in District 11 are Peak Court and Dunearn Gardens. Peak Court north of Goldhill Shopping Centre sold en bloc for $118.88 million in May. While EL Development Snap up Dunearn Gardens for $468 million at a land rate of $1,914 psf ppr in April 2018.
The tender for Goldhill Shopping Centre shall close at 3pm on the 27th of June 2018