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Singapore Shopping Centre is once again up for collective sale, with the reserve price unchanged at $255 million.
After a failed attempt in July 2019, Singapore Shopping Centre is once again up for collective sale, with the reserve price unchanged at $255 million, reported The Business Times.
Its marketing agent revealed that the seven-storey retail and office building has now been awarded provisional approval to re-zone for hotel use.
With an area of 2,449.8 sq m (26,369 sq ft), the site in Clemenceau Avenue is ordinarily zoned for commercial use with a plot ratio of 4.2.
“A full commercial zoning gives maximum flexibility to the purchaser, allowing the successful bidder to explore redeveloping the new project into offices, retail building, commercial schools, hotels, banks or restaurants, subject to approval,” explained Singapore Realtors Inc.
The marketing agent also touted the availability of the site for both local and foreign buyers, considering that no additional buyer’s stamp duty or seller’s stamp duty will be imposed.
The tender for Singapore Shopping Centre closes on 18 March.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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