Siglap Shopping Centre relaunched for en bloc sale, price unchanged at $120mil
Siglap Mall along East Coast Rd has been revived for en-bloc through public bidding with the lead value unchanged at $120 million, disclosed advertising and marketing specialist OrangeTee Advisory.
Emphasizing 8 business entities within the base level also 8 suites, the three storey project in Area fifteen was concluded around the Eighties and is seated over a 39,635 sq feet spot.
OrangeTee noticed in which at that place is probably an adjoining state land of close to 5thousand 5 square foot in which could be joined with the free rental ground that one may develop an even bigger lot of approximately 44thousand 6hundred 40 sq foot, dependent on the pertinent authorities’ endorsement.
“Together with an estimation building price of $Forty Seven point Four Seven mil also an estimated transfer amount of $7.2 mil for the state land, the reserve figure pans out to $1,235 per sq feet per plot ratio, after factoring in a 7 percentage extra residential entire floor area for exclusive external areas,” OrangeTee stated.
OrangeTee Advisory Executive Director Edmund Lee stated the minimum rate for Siglap Mall at present appears relatively captivating considering “the way proposal deals intended for equally appointed land rental period government land plots have certainly risen extremely greatly”.
Significantly, a 651,001 sq feet spot at Lentor Ctrl was recently awarded for $1,204 psf ppr, which was Seven % higher measured up with the victory offer of $1thousand 1hundred 29 psf ppr for the Northumberland Road site accorded in April2021. It was actually at the same time Thirty percent higher than the $Nine hundred Thirty per sq ft ppr winning offer for the Tanah Merah Kechil Link ground accorded in September last year. All three land plots feature 99-year lease period.
Edmund stated the plot may be turned into a “prominent multi usage structure that accommodates the way of lives of residents in the neighbourhood”.
“It is a wonderful place for builders looking for financial investments holding a redevelopment portion of around $2hundred million,” he added.
The bidding for Siglap Shopping center wraps up on 1September.
