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A new commercial building will rise on the site of the soon-to-be demolished Serangoon Plaza, said property group Tong Eng on Tuesday (10 January), and reported Channel NewsAsia.
It will be redeveloped into a 19-storey commercial project called Centrium Square (pictured), which will feature a 14-storey tower with medical suites and offices. There will also be a five-storey retail podium, which was purchased entirely by shipping firm Canali Logistics.
According to Tong Eng, tenants in the five-storey mall have already been instructed to vacate their premises by end January, and all the occupants have said they have no problem complying with this deadline.
Meanwhile, Serangoon Plaza’s biggest tenant, Mustafa, will cease its operations on 1 February. It intends to move its products from the 70,000 sq ft three-storey space it currently occupies to its main branch, Mustafa Centre, said a spokesperson.
When asked if the revenue of Singapore’s largest 24-hour department store would be affected by the closure of its outlet in Serangoon Plaza, the spokesperson said sales would be marginally affected, but it has no plans to expand in another area.
Serangoon Plaza was constructed in the 1960s as President Shopping Centre. In 1984, it was acquired by Tong Eng’s associate company, Feature Development, which later disposed 10 percent of the units. The units were subsequently bought back for around $40 million to give the firm the right to redevelop the site.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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