Ex-Singapura Theatre site sold

Shaw Brothers Limited has sold the former Singapura Theatre site at No 55 Changi Road to a consortium for $44.9 million. The consortium includes Roxy-Pacific Holdings and Macly Capital.

This works out to $768 per square foot of potential gross floor area for the freehold property. No development charge (DC) is payable for the 19,497 sq ft site, which is zoned for commercial use with a 3.0 plot ratio under Master Plan 2008.

Knight Frank brokered the sale through a private treaty deal and the announcement of the deal yesterday is just a day before the tender exercise for the property was due to close today. The tender has now been withdrawn.

The site can be redeveloped into a new project with a maximum gross floor area of about 58,490 sq ft. Currently on site is a three-storey commercial building.

In the 1970s, Singapura Theatre was an entertainment magnet in the area, drawing fans of Hindi and Malay films. The theatre was shut in 1985.

The property is about 650 metres from the Paya Lebar MRT station and about 500 metres from Eunos MRT station.

The area around Paya Lebar MRT station has been earmarked for transformation into a commercial hub as part of the Urban Redevelopment Authority’s decentralisation strategy.

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