Siglap Shopping Centre relaunched for an en bloc sale. The price unchanged at $120mil

Siglap Mall located on East Coast Road has been reinstated for en-bloc through the use of bidding in a collective bid with the lead price unchanged at $120 million. It is now publicized marketing and promoting professional OrangeTee Advisory.

With 8 business units on the ground level , and eight residences, the three-story property located in the area 15 was completed during the 1980s, and sits on a 39thousand, 6hundred and 35 square feet area.

Normanton Park Condo

OrangeTee discovered that the location has an adjoining state land that is roughly five square feet, which could be combined with the freehold property which could result in an additional piece of almost 44thousand six hundred 400 square feet depending on the necessary approval of the polices.

“Along with an approximation project price of $47.47 mil plus an approximation conveyance cost of $7.2 mil for the state land, the indifference value works out to $1.235K psf per plot ratio, once taking into account a Seven percentage extra housing gross floor area for personal external areas,” OrangeTee spoke.

OrangeTee Advisory Executive Dir Edmund Lee disclosed that the minimum contract for Siglap Shopping center currently looks very appealing, especially when you consider “how tender rates with regard to similarly appointed leasehold government land plots have climbed relatively significantly”.

It is clear that a 6hundred, 1 sq feet and 51thousand area at Lentor Ctrl was just a few days ago granted for $1.204K psf/plot ratio which was increased by 7 percent, in comparison to what was the final proposal, which is $1.129K per square foot psf to the Northumberland Road location awarded in April of this year. It was also 30 percentage more than the $9hundred 30 psf per ppr victory plan for Tanah Merah Kechil Link location granted in September the previous year. Three land parcels have 99 year lease tenure.

Lee said the site could be transformed into the site of a “popular multi use project that serves the life styles of homeowners in the neighborhood”.

“It is a sweet place for real estate investors pursuing investments with a redevelopment allocation of close to $Two hundred million,” said the source in.

The deal to purchase Siglap Shopping center closes on 1 September.


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