[ad_1]
Mon, Oct 26, 2020 – 2:56 pm
The SIGLAP shopping center, a wholly owned 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 – 903A East Coast Road, the mall comprises eight commercial units and eight residential units completed around 1980, located on a site spanning approximately 39,635 square feet (square feet).
There is a contiguous state lot of about 5,005 square feet that can be disposed of and amalgamated to form a larger combined site of approximately 44,640 square feet, subject to approval by the relevant authorities, OrangeTee said.
The site is zoned for residential use with commercial use on the floor under the 2019 Master Plan of the Urban Redevelopment Authority. It has a gross parcel ratio of 3.0 and a four-story building height control.
The reserve price of S $ 120 million translates to a land rate of S $ 1,235 per square foot per parcel ratio, after taking into account the additional 7% gross residential area bonus for private outdoor spaces and includes an estimated development charge of S $ 47.47 million and an estimated disposal cost of S $ 7.2 million for the state land.
OrangeTee CEO Edmund Lee said the site is likely to receive great interest from developers for its tenure and location in the popular District 15.
“The optimal area of the site, along with a frontage of approximately 60 meters on East Coast Road, offers developers the opportunity to build a prominent mixed-use development to meet the lifestyle demands of buyers,” he said.
Siglap Mall is close to Bedok Mall, Parkway Parade and Parkway East Hospital. It is also within walking distance 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 close to the next Siglap MRT station on the new Thomson-East Coast line.
OrangeTee Director Tay Liam Hiap noted that sales from new projects in the East Coast area have been trending well and attest to the continued appeal of the Siglap / Katong district with its plethora of restaurants, shops and services. recreational.
“The proximity to the beaches, parks and Changi Airport further amplifies the attractiveness and appeal of the area for home buyers,” Tay said.
The tender for the Siglap Shopping Center will close on December 9 at 3:00 p.m.
[ad_2]
