Singapore Shopping Centre Collective Sale 200 Mil
A mixed-use development located at 190 Clemenceau Avenue, known as Singapore Shopping Centre, is now up for collective sale with an asking price of $200 million. The seven-storey building is situated opposite the Dhoby Ghaut MRT Interchange, providing excellent connectivity and being within close proximity to the popular shopping district of Orchard Road.
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The current asking price is lower than its previous collective sale attempt in February 2020, where it was put on the market with a reserve price of $255 million. During that time, the site had received provisional approval for rezoning to a hotel.
Spanning a corner land plot of 26,369 square feet, Singapore Shopping Centre is zoned for commercial use with a plot ratio of 4.2. It currently has a gross floor area (GFA) of approximately 135,264 square feet, featuring retail and office components.
Real estate firm ETC, which is handling the collective sale, has submitted an enquiry to the authorities for a lease top-up to a fresh 99 years. This is in light of the building’s 99-year lease which started in 1948. According to ETC, the authorities had previously indicated in-principle support for renewal during the 2020 collective sale attempt.
Following a recent planning application, the Urban Redevelopment Authority (URA) has shown support for either redeveloping the site for hotel use at the same plot ratio or repurposing the existing building for hotel use at an equivalent plot ratio of 5.13. The asking price of $200 million translates to a land rate ranging from $2,800 to $3,500 per square foot per plot ratio, depending on the proposed land use and development intensity.
Swee Shou Fern, head of investment advisory at ETC, which is part of Realion Group, believes that the site’s strategic location and excellent connectivity, along with its proximity to popular shopping destinations and cultural institutions like The Istana, make it a highly attractive site for different commercial and hospitality concepts. She also notes the ongoing transformation of the precinct, with plans for green public spaces like Dhoby Ghaut Green and upcoming new developments, which could potentially elevate the site into a new anchor for the Orchard Road area.
The tender for Singapore Shopping Centre will close on October 28.