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Located at 883 to 903A East Coast Road, the three-storey development occupies a 39,635 sq ft site and is going for $1,235 per sq ft per plot ratio. Image: Google Street View
Siglap Shopping Centre on East Coast Road has been put up for collective sale by public tender, carrying a reserve price of $120 million, reported Channel News Asia (CNA) citing marketing agent OrangeTee Advisory.
Located at 883 to 903A East Coast Road, the three-storey development was completed in around 1980, featuring eight residential units as well as eight commercial units.
It occupies a 39,635 sq ft site that is zoned residential with commercial on the first storey based on the 2019 Master Plan, with a gross plot ratio of 3.0 and a building height limit of four storeys.
Currently, Siglap Shopping Centre – which should not be confused with nearby Siglap Centre – is occupied by various tenants including a pre-school and eateries.
An adjoining state land of around 5,005 sq ft can be amalgamated with the freehold mixed-use site, subject to authorities’ approval, to form a bigger site with a total area of around 44,640 sq ft.
To be served by the upcoming Siglap MRT station, the site is near Parkway East Hospital as well as several school and malls.
“With its freehold tenure and location in popular District 15, the site is likely to see good interest from developers,” said Edmund Lee, Executive Director of OrangeTee Advisory, as quoted by CNA.
“The optimal site area, coupled with a frontage of about 60 metres onto East Coast Road, offer developers the opportunity to build a prominent mixed-use development to cater to the lifestyle demands of buyers.”
Including a development charge of about $47.47 million and an alienation cost of around $7.2 million for the state land, the $120 million reserve price works out to a land rate of $1,235 per sq ft per plot ratio, after taking into account an additional 7% bonus gross floor area for private outdoor spaces.
Meanwhile, new projects within the area proved to be a popular choice among home buyers, said OrangeTee Advisory director Tay Liam Hiap.
“New project sales in the East Coast area have been trending well, and attest to the continued appeal of the Siglap/Katong district with its plethora of dining, shopping and recreational amenities,” he said.
“The proximity to beaches, parks and Changi Airport further amplifies the attractiveness and draw of the area to home buyers.”
The tender for Siglap Shopping Centre closes on 9 December.
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