Singapore Shopping Centre is back on the collective-sale market, half a year after its previous attempt in July 2019, with an unchanged reserve price of S$255 million.
This time, though, the seven-storey retail and office building in Clemenceau Avenue has been given provisional approval to re-zone for hotel use, its marketing agent said on Wednesday.
The site, which occupies a 2,449.8 square metre (26,369 square foot) site with a plot ratio of 4.2, is ordinarily zoned for commercial use.
“A full commercial zoning gives maximum flexibility to the purchaser, allowing the successful bidder to explore redeveloping the new project into offices, retail building, commercial schools, hotels, banks or restaurants, subject to approval,” said Singapore Realtors Inc.
The marketing agent also touted the prospects of the site for both foreign and local buyers, as no additional buyer’s stamp duty or seller’s stamp duty will be payable.