Siglap Shopping Centre to go on collective sale for S$120 million

[The_King]

SINGAPORE: Siglap Shopping Centre will be put up for collective sale by public tender on Tuesday (Oct 27), with the reserve price for the freehold mixed-use site on East Coast Road set at S$120 million, marketing agent OrangeTee Advisory said on Monday.

Completed in around 1980, the three-storey development at 883 to 903A East Coast Road is made up of eight residential units and eight commercial units sitting on about 39,635 sq ft of land.

 

An adjoining plot (roughly 5,005 sq ft) of state land can be amalgamated with the site, subject to approval from authorities, to form a site with a combined area of about 44,640 sq ft.

Siglap Shopping Centre, not to be confused with the nearby Siglap Centre, is currently occupied by a variety of tenants including eateries and a pre-school.

The tender will close at 3pm on Dec 9.

 

“With its freehold tenure and location in popular District 15, the site is likely to see good interest from developers,” said Mr Edmund Lee, executive director of OrangeTee Advisory.

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

Based on the reserve price, the land rate works out to S$1,235 per square foot per plot ratio, after accounting for an additional 7 per cent bonus residential gross floor area for private outdoor spaces.

The figure of S$120 million includes an estimated development charge of S$47.47 million and an estimated alienation cost of S$7.2 million for the plot of state land.

 

According to the Urban Redevelopment Authority’s 2019 Master Plan, the site is zoned as residential with commercial on the first storey.

The gross plot ratio is 3.0, and the building height control is four storeys.

 

The site is close to several schools and malls, as well as Parkway East Hospital, and will be served by the upcoming Siglap MRT station on the Thomson-East Coast Line.

OrangeTee Advisory director Mr Tay Liam Hiap said that new projects in the area have been a popular choice for home buyers.

“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 plethora of dining, shopping and recreational amenities,” he said.

“The proximity to beaches, parks and Changi Airport further amplifies the attractiveness and draw of the area to home buyers.”

Source: CNA/kg(rw)

[socrates469bc]

jin kumgong.

 

i spend sgd100m, can set up swee swee glove manufacturing factory in batam liao.

 

then spend another sgd20m on automation r&d to minimize the workers needed to do the glove stripping and packaging.

 

after that, list company on sgx for sgd1bln valuation.

 

sure got plenty of kgks will buy my company shares.

 

wahahahahhahahah

 

https://www.kpatents.com/assets/files/applications/11.03.01_rubber_gloves_manufacturing_process.pdf

 

[XianGe]

Overpriced.. cos tat plot not tat big... + Dun tink they can build high floors... East coast is sexpensive but build shops dun tink can get rewards... 

[socrates469bc]

9 hours ago, XianGe said:

Overpriced.. cos tat plot not tat big... + Dun tink they can build high floors... East coast is sexpensive but build shops dun tink can get rewards... 

 

exactly.

 

over-priced is 1 thing but the killer is a plot ratio of 3 and the height control of 4 storeys.

 

with plot ratio of 3, that means i can only build up to abt 120k sqf of saleable floor space.

 

assuming the floor space valuation is at an average of sgd2.5k, that means i can take in sgd300m max.

 

but major issue is whether i can sell all the floor space within 2 yrs of completion in order to discharge of all the related borrowings?

 

wahahahahhahaha