Siglap Shopping Centre Collective Sale Relaunched 2021 Instagram

Siglap Shopping Centre Collective Sale Relaunched 2021

Reserve Price Unchanged, Owners Stick to Their Favourite Numbers

OrangeTee Advisory, property consultant of Siglap Shopping Centre, decided that it is the best time to relaunch for en bloc sale as aggressive tenders for government land sites are emerging.

The east coast road freehold property first launches their tender at the end of October last year 2020, the asking price was set at S$120 million.

Base on the price tag and includes 7% bonus residential (GFA) gross floor area for private outdoor spaces, the land rate arrived at S$1,235 psf ppr.

Submitted bids made in the last tender cycle did not reach the agreed reserve price, according to an OrangeTee Advisory spokesman.

The agent declines to reveal on how many offers were received and from whom, as well as the range of values that were proposed.

Completed in the 1980s, the three-storey mixed-use development includes 8 residential units and 8 ground-floor commercial units with an adjacent state land plot measuring around 5,005 square feet (sq ft) which, subject to the approval of the relevant authorities, may be merged with the area to form a larger plot of around 44,640 sq ft.

The freehold land is designated for (Mixed-use) commercial and residential under the URA Master Plan 2019 and has a gross plot ratio (GPR) of 3.0.

This commercial building’s maximum permitted height is four storeys.

Developers Sky-High Confidence and Recent Land Purchase

The property consultant points out that the government’s handling of the current Covid-19 pandemic as well as Singapore’s high vaccination rate, has improved developers and buyer’s confidence in real estate purchase, as shown by excellent home sales at recent property launches.

Recent government land site purchases at Lentor Central last month and Northumberland Road in April, both 99-year leasehold land parcels, sold for S$1,204 psf ppr and S$1,129 psf ppr, according to the consultant.

The agent also mentions that the purchase price for Lentor Central land parcel was likewise 30% higher than the site at Tanah Merah Kechil Link which closed in September 2020.

“As prices have increased significantly for bids on similarly designated government property sites, the reserve price for this freehold parcel is currently very appealing in Prime District 15,” said OrangeTee Advisory Director Edmund Lee.

He is optimistically that this time around with positive market conditions, there will be bidders that will match this attractive enbloc site reserve price.

The tender for Siglap Shopping Centre site will close at 3pm on September 1st, 2021

Read the Previous News Here: Siglap Shopping Centre En Bloc Sale 2020

Siglap Shopping Centre En Bloc Details

Siglap Shopping Centre Collective Sale Relaunched 2021 Pinterest
  • Status: For Sale

  • Tenure: Freehold

  • Land Size: 39,635 square feet

  • Gross Plot Ratio: 3.0

  • Total Units: 16

  • Nearest MRT: Siglap (2023)

  • Address: 883 – 903A East Coast Road

  • District: 15

  • Marketing Agent: OrangeTee

  • Reserve Price: S$120 million 

  • Tender Close: September 1st, 2021

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