The majority owner of Serangoon Plaza has bought the entire five-storey Little India complex for $400 million through a sale process that was collective. As it’s next to Serangoon Road which has many traffic the location is also very prominent. Centrium Square is also near the shophouses along Serangoon Road along with the office crowd from Connextion. Centrium Square is a commercial new launching development strategically located at Serangoon Road in District 08. With anticipated conclusion in 2019, it stands TBA storeys tall and comprises of TBA stores & offices. Future owners will soon have the ability to gain from the weekend bunch for their shopping or the office crowd when they have been lunching, located at City Square Mall as well as the serangoon area.
$400m Serangoon Plaza Sold En Bloc
With a plot ratio of 3.0 and being zoned for commercial use, the freehold site of about 68,521 square feet can be redeveloped into a commercial job with a permissible gross floor area of up to 205,563 sq ft, said Savills Singapore, which is handling the sale. Besides enjoying significant footfall, the vicinity is set for greater vibrancy with the coming Connexion at Farrer Park medical hub, developed and managed by the Farrer Park Company (formerly known as Singapore HealthPartners). Before with an asking price in 2008 afterward said to be around $140 million cityvibe had been put up on the market.
Centrium Square former Serangoon Plaza
But the five- storey freehold building at 320 Serangoon Road will now go down in the publications for another reason: as the priciest commercial property to be sold en bloc in Singapore. The development was sold in a deal that values the retail and office complex at $400 million to its majority owner. Characteristic Development withdrew in the sales committee to participate in the bid process at arm’s length, said Savills Singapore’s manager of investment sales, Ms Suzie Mok.
Commercial Centrium Square
Millennium & Copthorne Hotels plc (M&C) has signed a collective deal deal on its 34 percent interest in Tanglin Shopping Centre’s share through a fully owned subsidiary. An unaffiliated sales committee including representatives of the unit owners has been authorised to have the required approvals from some other owners prepare for a sale given that at least 80 percent of owners must consent to a collective deal and to market the property. Serangoon Plaza, using its exceptional website aspects, offers an attractive redevelopment chance in the Farrer Park precinct. This is possibly the final key pocket offered to create an iconic commercial landmark. Meanwhile, the NTUC FairPrice supermarket replaced Yaohan as the anchor tenant of Bukit Timah Plaza.