News: Selegie Centre sold en bloc for $120m

Mar 11, 2019

Katong Plaza, another mixed-use development, has been relaunched for en bloc sale at an asking price of $188 million ($1,968 psf ppr).

Mixed-use development Selegie Centre has finally been sold at its $120 million reserve price, or $1,942 psf per plot ratio (psf ppr), following two failed en bloc attempts, reported the Straits Times.

This means apartment owners at the 30-year-old development in District 7 will receive around $1.7 million, while shop owners will receive between $1 million and $12 million, depending on their unit size, revealed sales committee chairman M. Thomas.

More: Understanding The En Bloc Process (August 2018)

“The building needs many repair works to be done and it is timely for (it) to be revamped,” he said.

“We believe that the redeveloped building will be a landmark for the overall outlook of the Tekka or Little India precincts…It will form an integrated resort atmosphere for visitors passing through Selegie or Serangoon and Little India,” he added.

Located at the junction of Mackenzie and Selegie roads, bordering the central business district, the freehold property features 25 apartment units and 33 shops.

The 10-storey development, which was marketed by Property Link Services, is also within walking distance to the Rochor, Little India and Dhoby Ghaut MRT stations.

It is situated on the former site of the city-state’s transport hub in the 1950s and 1960s, boasting a gross floor area of slightly over 60,000 sq ft.

Selegie Centre’s buyer, Peak Tower Corp – which is backed by a developer and industrialist from Indonesia – hopes that zoning for the building will be changed as it intends to build a commercial complex or hotel there.

Meanwhile, mixed-use development Katong Plaza has been relaunched for en bloc sale at an asking price of $188 million ($1,968 psf ppr), reported Singapore Business Review.

The price includes a $13 million development charge.

With Huttons Asia as marketing agent, the freehold development has secured approval from the Urban Redevelopment Authority for hotel use with a gross plot ratio of 3.0.

The 34,044 sq ft site has an allowable maximum gross floor area of 102,133 sq ft and could yield up to 300 hotel rooms averaging 215 sq ft.

Situated seven stops away from Raffles Place MRT station, the property is 120m away from the future Marine Parade MRT station and is also 10 to 15 minutes’ drive to the city centre and Changi International Airport.

The tender for Katong Plaza will close on 9 April.

Get more details on the property market outlook for 2019 here

 

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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