Upper Serangoon Shopping Centre En Bloc Sale 2025 – Freehold D19
Iconic Freehold Mall Launches for S$260 Million with Redevelopment Potential Draws Market Buzz Ahead of Tender Opening
A Landmark Mall Eyes a New Chapter
Upper Serangoon Shopping Centre, a familiar landmark in northeastern Singapore since 1982, has officially launched for en bloc sale at a guide price of S$260 million.
This move marks the shopping centre’s first serious shot at a collective sale, sparking fresh interest from investors and developers amid Singapore’s evolving urban landscape.
With nearly 90% owner consensus secured, and growing buzz about redevelopment opportunities following the planned relocation of Paya Lebar Airbase, the timing couldn’t be more strategic.
The six-storey, strata-titled freehold development known as Upper Serangoon Shopping Centre comprises two interconnected blocks that house a total of 164 retail units, 8 residential units, and 1 office unit.
Strategically located along Upper Serangoon Road, the shopping centre enjoys excellent accessibility and is just minutes away from well-established residential neighbourhoods such as Hougang and Serangoon, making it a highly convenient location for both shoppers and residents.
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En Bloc Sale at S$260 Million: What’s Included
The sale includes two land parcels, Upper Serangoon Shopping Centre and an adjoining plot, which may be amalgamated into a single redevelopment site.
Combined, these plots span 5,443.3 square metres. According to CBRE, the appointed sole marketing agent, the site offers several lucrative possibilities:
This creates significant potential for developers seeking long-term mixed-use development opportunities in a maturing suburban region.
Unlocking Redevelopment Possibilities
CBRE has shared intentions to submit outline planning permission for a mixed-use development that could transform the site. Plans may include:
Alternatively, developers may consider refurbishing the property into a modernized retail mall, capitalizing on its existing reputation and steady foot traffic.
Market Activity and Past Transactions
While the mall has seen limited residential turnover, with only two homes sold in the last 10 years, its commercial units have remained active:
These transactions reflect rising investor confidence and the potential for capital appreciation post-redevelopment.
Collective Sale Momentum Builds
Despite past failed attempts, this latest collective sale is buoyed by strong seller alignment. Close to 90% of owners have agreed to the deal, surpassing the required 80% threshold.
Mathews Thomas, chairman of the collective sale committee (CSC), describes the price as “conservatively priced to attract boutique developers and family offices.”
He also noted that this strategic pricing aligns with broader urban development plans and anticipates competitive bidding, especially as the tender opening nears.
Why the Timing Is Right: Urban Growth Plans
The government’s plan to relocate Paya Lebar Airbase by the 2030s will dramatically reshape the area. Former Prime Minister Lee Hsien Loong highlighted during the 2022 National Day Rally that this move could:
These changes are expected to enhance the value and flexibility of developments like Upper Serangoon Shopping Centre.
The en bloc tender for Upper Serangoon Shopping Centre opens on April 8 and closes on June 10, 2025.
CBRE’s head of capital markets, Michael Tay, anticipates strong interest from both local and international developers, especially those looking to tap into the upgrade demand from nearby public housing estates and private enclaves.