Another District 7 Commercial En Bloc Sold, Prime District 7 now became the Hot Zone
Selegie Centre, a freehold commercial property sold en bloc for S$120 million, became the 1st commercial en bloc sold in 2019 and more will follow.
This is their 3rd time attempt at Collective Sale, said sales committee chairman M Thomas.
Base on the sale price, each residential owner stands to receive about S$1.7 million and shop owners are expected to get between $1 million and $12 million, according to the unit size.
M Thomas added that the commercial building needs to be revamped and once redeveloped, it will become an iconic landmark in the Tekka or Little India precincts
Selegie Centre is a 30-year-old commercial building which situated at the junction of Mackenzie and Selegie Roads. The mixed development comprises of 33 shops and 25 apartments.
It is very close to Orchard Road shopping belt and Central Business District. Besides that, it has excellent connectivity, Little India, Rochor and Bencoolen Mrt Station are only walking distance away from the commercial site. A bit further up will be Dhoby Ghaut MRT interchange station.
The freehold 10-storey commercial building has a GFA of around 60,000 sq ft and in the past, it used to be known as Singapore’s transport hub in the early 1950s.
Peak Tower Corporation is the Buyer which is owned by an Indonesian developer and industrialist.
Since the commercial site is within Tourists zone with lots of attractions and full of amenities around, most probably it will be converted into a hotel as it is best use of it.
Property Link Services is the marketing agent of this collective sale that brokered the deal.