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.
Advertisement
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.
READ: Mediacorp places site of Caldecott Broadcast Centre for sale
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.”