Siglap Shopping Centre along East Coast Road will be put up for collective sale via public tender with a reserve price of $120 million, sole marketing agent OrangeTee Advisory announced on Monday (Oct 26).
The three-storey development with eight commercial units and eight apartments, was completed in 1980 and sits on a site of 3,682 sq m (39,635 sq ft).
There is a possibility the freehold site can be combined with an adjoining state land plot of 465 sq m (5,005 sq ft) to form a larger combined parcel of 4,147 sq m (44,640 sq ft), subject to approval from the authorities, said OrangeTee.
The owners’ reserve price translates to a land rate of $1,235 per sq ft per plot ratio (psf ppr), after factoring in the additional 7 per cent bonus residential gross floor area for private outdoor spaces and inclusive of an estimated development charge of $47.47 million and an estimated alienation cost of $7.2 million for the state land plot.
Mr Edmund Lee, executive director at OrangeTee Advisory, said: “With its freehold tenure and location in popular district 15, the site is likely to see good interest from developers. The optimal site area, coupled with a frontage of about 60m onto East Coast Road, offer developers the opportunity to build a prominent mixed-use development to cater to the lifestyle demands of buyers.”
Siglap Shopping Centre is close to a range of amenities such as Bedok Mall, Parkway Parade and Parkway East Hospital, and schools including Victoria School, St Patrick’s School, CHIJ Katong Convent and Victoria Junior College. The site has easy access to the East Coast Parkway and Pan-Island Expressway. It will be within 10 minutes’ walk to the future Siglap MRT Station on the new Thomson-East Coast line.
Mr Tay Liam Hiap, director at OrangeTee Advisory, added: “New project sales in the East Coast area have been trending well, and attest to the continued appeal of the Siglap/Katong district with its plethora of dining, shopping and recreational amenities.”
Under the government’s Master Plan 2019, the site is zoned residential with commercial at the first storey, along with a gross plot ratio of 3.0 and a building height control of four storeys.
The tender for Siglap Shopping Centre opens on Tuesday (Oct 27) and closes at 3pm on Dec 9.
source: The Straits Times