Singapore Shopping Centre has launched for collective sale at 2nd attempt in 2020 with same reserve price set at $255 million.
Their first attempt was in October 2019 which tender close on September and attract no bidders.
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+.
According to Singapore Realtors Inc, the marketing agent of the sale, the site has been given provisional approval to re-zone for hotel use.
This alone will help to attract potential buyer greatly and since it is zone for commercial, there will be no additional buyer’s stamp duty payable to this site.
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.
The public tender for Singapore Shopping Centre will close on March 18 at 3 pm.