Siglap Shopping Centre goes on collective sale with S$120m reserve price

Tue, Oct 27, 2020

Vivienne Tay

SIGLAP Shopping Centre, a freehold, mixed-use site, will be put up for collective sale via public tender on Tuesday, with a reserve price of S$120 million, marketing agent OrangeTee Advisory said on Monday.

Located at 883 to 903A East Coast Road, the shopping centre, completed around 1980, comprises eight commercial units and eight residential units; it sits on a site spanning 39,635 square feet (sq ft).

There is an adjoining plot of state land of some 5,005 sq ft, which may be alienated and amalgamated to form a larger combined site of about 44,640 sq ft, subject to approval from the relevant authorities, OrangeTee said.

The site is zoned for residential use, with commercial use on the first storey under the Urban Redevelopment Authority's Master Plan 2019. It has a gross plot ratio of 3.0 and a building height control of four storeys.

The S$120 million reserve price translates to a land rate of S$1,235 per square foot per plot ratio, after factoring in the additional 7 per cent bonus residential gross floor area for private outdoor spaces, an estimated development charge of S$47.5 million and an estimated alienation cost of S$7.2 million for the plot of state land.

OrangeTee executive director Edmund Lee said the site is likely to attract good interest among developers, given its freehold tenure and its location in the popular District 15.

"The optimal site area, coupled with a frontage of about 60 metres onto East Coast Road, offers developers the opportunity to build a prominent mixed-use development to cater to the lifestyle demands of buyers," he said.

Siglap Shopping Centre is near Bedok Mall, Parkway Parade and Parkway East Hospital. It is also within the vicinity of Victoria School, St Patrick's School, CHIJ Katong Convent and Victoria Junior College.

OrangeTee said the site is well served by the Kembangan and Bedok MRT stations and has easy access to the East Coast Parkway and Pan Island Expressway. It is also near the upcoming Siglap MRT station on the new Thomson-East Coast Line.

OrangeTee director Tay Liam Hiap noted that 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 dining, shopping and recreational amenities.

"The proximity to beaches, parks and Changi Airport further amplifies the attractiveness and draw of the area to home buyers," he said.

The tender closes at 3pm on Dec 9.