Queensway Mall or Shopping Centre is all set to go en bloc along with Queensway Tower the adjoining tower.
It needs to be mentioned that the en bloc sale process for these properties has started off last year after the government had announced the new cooling measures in July 2018.
This had led to several en bloc sales failing to attract interested developers.
Queensway Mall is of historical significance as it has been considered to be among the first multi-purpose shopping complexes in Singapore.
The Shopping mall which opened in 1976 has been among the oldest malls in the city. The four-storey mall has a basement car park and the adjacent 13-storey residential tower has 78 units in all.
It has been reported that last weekend an EGM (extraordinary general meeting) was attended by the owners of Queensway Shopping Centre and Queensway Tower and they formed the Collective Sales Committee.
CSC and marketing agent refused to give out any details about the collective sale.
Queensway Shopping Centre was built in 1975 and opened in 1976 and immediately became a centre for recreational activities and shopping among residents in Brickworks, Bukit Merah apart from those in Queenstown.
The shopping mall has been popular among sports enthusiasts who have often called it a Sports Mall of Singapore as there are stores selling sports goods and frequented by people looking for these goods.
The octagonal façade along with the sunken central concourse makes the mall stand out which has back in the 1970s imbibed modern architectural design.
Shop units along the concourse have their display windows spread across two levels. There are several concentric circles that make up for the design of the mall which creates the octagonal design characteristic towards the exterior of the mall.
The trigram layout has always been a challenge to navigate for the shoppers many of whom have got lost in the mall.
There are 150 shop units in the mall and the include apparel stores, sports goods stores and printing service providers among others.
It was designed to house 200 shop units and was also the first public place in Singapore to have escalators. There’s a night club, a coffee house and a large emporium within the mall.
This is the Golden Period for Commercial En Bloc Sales and It Won’t Last Forever
Since the government introduced new cooling measures in July last year 2018 and new guidelines from URA, many en bloc properties particularly (residential) launch in the market remain unsold.
Developers find it difficult to adjust to it thus most of the residential en bloc failed to attract any bidders.
Because of these, developers now shift their focus on commercial properties.
After July new cooling measures, there are some en bloc sites that enter Developers land bank.
The 1st one will be Phoenix Heights (The Lucky Star of 2018), the only residential en bloc sold. The Bukit Panjang Condo was acquired by USB Holdings for S$33.1 million.
In the last month of the year, Century Warehouse a freehold industrial warehouse located in District 5 Pasir Panjang Road, was acquired for S$48.5 million.
Then, New Year 2019 kickstart with Selegie Centre. The district 7 freehold property sold en bloc in March for S$120 million after its 3rd attempt.
In April 2019, Realty Centre within CBD area found a buyer and sold for S$148 million. The Place Holdings became the new owner of this office tower.
This will Not be the last one with few more sites expected to be sold.
With more and more commercial sites going for collective sales, sooner or later a new name will appear.