D08 – Centrium Square – Rare FH, Open for Sale

Project Description

Centrium_Square_overview

Centrium Square – Rare FREEHOLD near Farrer Park MRT

Project Name

Centrium Square (former Serangoon Plaza)

Location

320 Serangoon Road Singapore 218108

District

08

Developer

Feature Development Pte Ltd (associate of Tong Eng Group)

Development

19th storey mixed commercial development comprising of retail, medical suites and offices

Tenure

Freehold

Site area

68,521 sq ft

Permissible Gross Floor Area

205,563 sq ft

Unit mix

– 49 Retail units – 1st & 2nd Sty

– Car Park (Lots TBC) – 3rd & 4th Sty

– Facilities Deck – 5th Sty

– 39 Medical Suites – 6 to 8th Sty

– 143 Offices – 9 to 19th Sty  (Office Size: Est. 53 to 94sqm)

Expected TOP

2019

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Why Centrium Square ?

  • Rare FREEHOLD commercial properties near City Fringe

  • Approx 2 min to Farrer Park MRT (North East)

  • 2 MRT stops to Dhoby Ghuat and 3 MRT Stops to Clark Quay MRT.

  • Approx. 2 min to City Square Mall with many Shops, Restaurants and Food court and Cineplex

  • Popular location with expat and workers

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For more information and prices, please

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Centrium Square location map

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Connexion

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  • Locals, PR and Foreigners are eligible

  

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For more information and prices, please

CALL Sales Hotline 61000 930

Register with us and we will update you on privileged 1st HAND INFO

Enjoy SPECIAL PRIORITY VVIP viewing & VVIP PREVIEW DISCOUNT

Interested in this project? Send us a request now!

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Floorplan

Hot News

Potential_enbloc

JUST SOLD: Ground-floor shop at The Arcade sold for $32,516 psf

24 Dec 2015 – A 43 sq ft ground floor shop at The Arcade recently made history as the most expensive commercial property (in psf terms) recorded in Singapore. The retail unit was sold on 9 December 2015 for $32,516 psf or $1,400,000 and has an estimated remaining lease of 63 years. It is currently occupied by a money changer.

The Arcade is a 99-year leasehold commercial building comprising of office and retail units at Collyer Quay.

Source: The Edge Property

Tang scion buys The Verge for $317m

23 Dec 2015 – A well-known Little India property near Tekka Centre is being sold for $317 million to be redeveloped into a mixed project, including a mall and serviced apartments.

The buyer of The Verge, once called Tekka Mall, is Mr Keith Tang, chairman of privately held hospitality company Heritage Group, The Straits Times has learnt.

Mr Tang is the grandson of the late founder of Tangs department store, Mr Tang Choon Keng. He is buying the property – opposite Tekka Centre in Serangoon Road – from Hicom Megah, a unit of Bursa Malaysia-listed DRB-Hicom, which owns 90 per cent of it.

The other sellers are Little India’s retail giant, Mohamed Mustafa & Samsuddin, and B.I. Distributors.

The property was put up for sale about 12 months ago, with an asking price of about $350 million.

Mr Tang’s Heritage Group owns more than 19 luxury hotels and serviced apartments in Australia and New Zealand. He also owns IEQ Global, a lighting technology firm.

The property comprises two blocks: The Verge, a six-storey shopping mall with two basement levels; and adjoining block Chill@The Verge, an eight-storey building with two storeys of retail units and a six-storey carpark with 395 parking spaces and four coach bays. The two blocks are connected by link bridges at levels two, five and six, and together have 238,527 sq ft of retail gross floor area.

Extensive addition and alteration works were carried out on the property in 2009.

The transaction is taking place via the sale of shares in a company which owns the shopping mall.

This should lower the taxation costs, compared with a sale of the asset itself, noted Mr Lee Liat Yeang, a partner in the real estate practice of Rodyk & Davidson.

A share sale entails a tax of 0.2 per cent on the company’s net asset value or the market value of the asset. On the other hand, as the site is zoned “white”, allowing wide-ranging redevelopment, an Additional Buyer’s Stamp Duty of 15 per cent of the purchase price and the usual 3 per cent Buyer’s Stamp Duty for an asset sale would apply.

Mr Leslie Ang, a spokesman for Mr Keith Tang, said Mr Tang plans to redevelop the property into “Studio by Tang” serviced apartments, a mall and a “Signature” block which is likely to be offices or retail spaces. It will be his first commercial property here.

This is in line with his Heritage Group chain’s intention to expand its hospitality portfolio, he said.

The property has almost 80 years left on its lease and outline planning permission has already been obtained.

Including the redevelopment cost, development charges and other costs, the gross development value is expected to be about $480 million or $1,920 per sq ft per plot ratio.

“The acquisition represents a golden opportunity for Mr Keith Tang and his team to strategically unlock value and realise the great potential of what is a prominently located asset in downtown core,” Mr Ang said.

The site’s appeal includes its location in the downtown core planning region near Little India MRT station. Commercial real estate investment trusts will be eyeing such assets, Mr Ang said.

Singapore’s tourism and hospitality sector is set for a boost, given the expansion of Changi Airport and the Jewel project there.

“There are no hotel or serviced apartment sites readily available in the Government Land Sales programme for the first half of next year, save for one site. This is, therefore, a rare gem,” he added.

Mr Alan Cheong, research head of Savills Singapore, noted that, including the sale of The Verge towards the end of this year, the total investment sales value of just over $1.7 billion for this year is still 9.6 per cent below that of last year.

“This puts 2015’s values as the lowest since 2009 when the billows were blowing in the midst of the global financial crisis.”

Source: ST

Jalan Besar Plaza put up for en bloc sale, with a S$390 million price tag

23 Nov 2015

Jalan Besar Plaza has been put up for collective sale for an estimated sale price of S$390,000,000, real estate group Huttons announced on Monday (Nov 23).

In a press release issued on Monday, Huttons said that the estimated sale price comes up to S$2,451 per square foot for the 35-year-old commercial and residential building.

The 53,043 sq ft building is zoned under Commercial and Residential with a plot ratio of 3.0, under the 2014 Master Plan.

Huttons recommended that the building be changed into a “full-fledged commercial integrated with offices/medical suites/complementary and alternative medical services”. This change would be subject to approval from the relevant authorities.

The closing date for the tender is Jan 21, 2016.

Source: CNA

Award of tender for residential site at Sturdee Road

31 Mar 2015 – The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Sturdee Road to SL Capital (1) Pte Ltd. The company submitted the highest bid in the tender for the site.

The residential site was launched for public tender on 10 February 2015. The tender for the site closed on 24 March 2015. The land parcel was offered for sale on a 99-year lease term.

Details of the awarded land parcel and the successful tenderer are provided below:

Location

    Allowable Development

   Site area

  Maximum GFA

   Successful Tenderer

   Tendered Price

Sturdee Road Residential 6,111.5 m2 21,391 m2 SL Capital (1) Pte Ltd $181,189,000
($8,470.34)

Source: URA

$400m Serangoon Plaza sold en bloc

6 NOV 2013 – Serangoon Plaza, which houses a branch of well-known retail giant Mustafa, has been sold en bloc in a deal that values the commercial complex at $400 million.

This makes it technically the largest collective sale of a commercial property on record, and the biggest en bloc deal since Westwood Apartments was sold for $435 million in November 2007.

But in fact, less than 10 per cent of the building will change hands. This is because the company that owns over 90 per cent of the building has simply bought out the rest of the owners.

Feature Development, an associate of the Tong Eng property development group, had agreed to put up its share of Serangoon Plaza for sale, along with the other owners of the building’s 128 strata office and retail units.

Savills Singapore brokered the sale and set an indicative price of $360 million to $368 million for the entire five-storey freehold building.

But Feature Development decided to throw its hat in the ring for the complex as well. It withdrew its representatives from the sellers’ committee and put in a tender offer at arm’s length, said Savills Singapore’s investment sales director Suzie Mok.

The tender closed last Thursday. Feature’s offer, which works out to $1,946 per sq ft of maximum floor area, came in tops.

“Commercial property is currently the most vibrant (real estate) segment here, so Feature had to put in a strong bid,” Ms Mok said, adding that it was “a clear-cut winner”.

She noted that all the unit owners agreed to the building’s sale, so the deal will not need the Strata Titles Board’s approval.

Serangoon Plaza was built in the 1960s as President Shopping Centre and bought by Feature in 1984. Feature then sold a few units but retained more than 90 per cent of the building’s space.

The firm is related to Tong Eng, which developed residential projects including Poshgrove East in East Coast Road and Treasure Place in Buona Vista.

Feature will not have to pay a development charge to redevelop Serangoon Plaza, which is under-utilising its space allowance. It sits on a 68,521 sq ft plot that can host a development with up to 205,563 sq ft of floor space. The complex’s floor area now is only 104,765 sq ft.

The transaction caps a good year for collective sales of non- residential property. At least four other commercial and industrial buildings have been sold since January. They are: San Centre at Chin Swee Road, Bright Chambers in Bugis, and Henley Industrial Building and Pak Chong Building off Upper Paya Lebar Road.

– Source: asiaone.com

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For more information and prices, please

CALL Sales Hotline 61000 930

Register with us and we will update you on privileged 1st HAND INFO

Enjoy SPECIAL PRIORITY VVIP viewing & VVIP PREVIEW DISCOUNT

OFFICES FR $2,473-2,674 PSF (570 sqft – 1012 sqft)

Interested in this project? Send us a request now!

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