Selegie Centre sold en bloc at reserve price of $120 million

Selegie Centre sold en bloc at reserve price of $120 million

The 30-year-old Selegie Centre is a mixed development of 33 shops and 25 apartments.

Mar 8, 2019


SINGAPORE - The freehold Selegie Centre in prime District 7 has been sold en bloc at its reserve price of $120 million.

This deal - the development's third attempt at a collective sale - is at a land rate of $1,942 per square foot per plot ratio (psf ppr).

It means owners of the 84 sq m size apartments will reap about $1.7 million while shop owners can expect between $1 million and $12 million, depending on the unit size, said sales committee chairman M Thomas on Friday (March 8).

"The building needs many repair works to be done and it is timely for (it) to be revamped," he added.

"We believe that the redeveloped building will be a landmark for the overall outlook of the Tekka or Little India precincts. It will form an integrated resort atmosphere for visitors passing through Selegie or Serangoon and Little India."

The 30-year-old Selegie Centre, which is at the junction of Selegie and Mackenzie Roads and bordering the central business district, is a mixed development of 33 shops and 25 apartments.

It is within walking distance of the Little India, Rochor and Dhoby Ghaut MRT stations.

The 10-storey building has a gross floor area of slightly over 60,000 sq ft and stands on the spot which used to be Singapore's transport hub in the 1950s and 1960s.

The buyer, Peak Tower Corporation, is backed by an Indonesian developer and industrialist and expects to build a hotel or commercial complex.

It hopes for a rezoning change for the building.

The marketing agent was Property Link Services.

Selegie Centre sells en bloc for $120 million

The mixed development consisting of 33 shops and 25 flats has been sold to Peak Tower Corp, which expects to build a hotel or commercial complex there.

Published
6 hours ago

The freehold Selegie Centre in prime District 7 has been sold en bloc at its reserve price of $120 million.

This deal - the development's third attempt at a collective sale - is at a land rate of $1,942 per square foot per plot ratio (psf ppr).

It means owners of the 84 sq m apartments there will reap about $1.7 million while shop owners can expect between $1 million and $12 million, depending on the unit size, said sales committee chairman M. Thomas yesterday.

"The building needs many repair works to be done and it is timely for (it) to be revamped," he added.

"We believe that the redeveloped building will be a landmark for the overall outlook of the Tekka or Little India precincts.

"It will form an integrated resort atmosphere for visitors passing through Selegie or Serangoon and Little India."

The 30-year-old Selegie Centre, which is at the junction of Selegie and Mackenzie roads and borders the central business district, is a mixed development consisting of 33 shops and 25 apartments.

It is within walking distance of the Little India, Rochor and Dhoby Ghaut MRT stations.

The 10-storey building has a gross floor area of slightly over 60,000 sq ft and stands on the spot which used to be Singapore's transport hub in the 1950s and 1960s.

The buyer, Peak Tower Corp, which is backed by an Indonesian developer and industrialist, expects to build a hotel or commercial complex there.

It hopes for a rezoning change for the building.

The marketing agent was Property Link Services.

At a land rate of $1,942 PSF for a freehold site, it would be interesting to see how Haus on Handy will fare with a land rate of $1,723 PSF, for a 99 year leasehold site. After all, the price difference between freehold and leasehold is usually around 20% to 25%. In this case it is rather less than that. Of course it can be argued that the Haus on Handy location is a lot better, and really close to Doby Ghaut MRT station. But then again, the Selegie Centre site is zoned for mixed development, which is generally worth more. Anyway, Haus on Handy should be launching for sale within the next quarter or so, whereas the Selegie Centre site is still a long way off before it can launch. So by then Haus on Handy could have pretty much sold out, as it's not a very big project.