The shopping mall Serangoon Plaza (pictured) has been sold through a collective sale for S$400 million to Feature Development, a unit of Tong Eng Group.
The price translates to a unit land rate of S$1,946 psf ppr.
This makes it the largest collective sale of a commercial property and the biggest en bloc deal since the S$435 million sale of Westwood Apartments in November 1997.
Built in the mid 60s, Serangoon Plaza comprises 128 units and currently houses a branch of the well-known retail giant Mustafa. The entire site has an area of 68,521 sq ft and 104,765 sq ft of strata retail and office space.
With double street frontage onto Syed Alwi Road and Serangoon Road, the five-storey complex enjoys a high volume of passing foot traffic. Aside from that, the site also has excellent connectivity to major expressways, MRT stations and amenities.
The freehold site could be redeveloped into a commercial building with a gross floor area (GFA) of 205, 563 sq ft and plot ratio of 3.0 under the 2008 Master Plan, subject to approval by the relevant authorities.
No development charge is payable for the site while the sale is not subject to approval of the Strata Titles Board considering its 100 percent consent mandate.
“This is probably the last key pocket available to create an iconic commercial landmark,” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore, which brokered the deal.