Singapore Shopping Centre has launched for collective sale in 2019 with reserve price set at $255 million.
The commercial development is located at 190 Clemenceau Avenue in the Orchard road shopping district and covers a land area of 26,369 square feet.
The 99-year leasehold property is a 7-storey development with has office and retail components.
Under URA Draft Master Plan 2019, the site is zone for commercial use with a plot ratio of 4.2+.
It is easy to access to the Singapore Shopping Centre due to Dhoby Ghaut MRT which is just opposite the commercial site.
Another advantage is that it is visible from afar and has “Prominent triple-road frontage” onto Penang Road, Penang Lane and Clemenceau Avenue.
Andy Gan of SRI, head of investment sales added that Orchard road is under major rejuvenation.
The former Park Mall which redeveloped by SingHaiyi Group is just across the street, has UBS Singapore as sole tenant and has taken up all the 381,000 sq ft of net lettable area, spanning eight levels across 2 towers.
The managing director of SRI, Tony Koe further added that there are proposed plans by the authorities to pedestrianise part of Orchard Road.
If this Plan is implemented, it will connect places like Dhoby Ghaut Green, green spaces @ Istana Park, and the open space @ Plaza Singapura.
This will have Orchard shoppers and crowds rejoice.
The tender for Singapore Shopping Centre will close on Sept 9, 2019.
Singapore Realtors Inc (SRI) further announced that they had brokered the deal of Sophia View collective sale in the same district 9.
The En bloc site was sold in June this year 2019 to a private investor and when ask about the sale price, they refuse to reveal.
As for sale proceeds, each happy owner will receive around S$2 million.