He expected that since the tender was launched on April 7 this year, strong interest in this area will continue. The location is about 750 meters from Selangor Subway Station and one kilometer from Gaowen Subway Station. The private house will be bu...
He expected that since the tender was launched on April 7 this year, strong interest in this area will continue. The location is about 750 meters from Selangor Subway Station and one kilometer from Gaowen Subway Station.
The private house will be built in a second area with an area of about 43,012 square feet, with a total floor area of 13,141 square meters. The number of units must be based on the average area of 85 square meters per unit.
According to the plan, retail projects and serviced apartments will be built on the first lot with an area of approximately 8075 square feet, with a total floor area (GFA) of 3283.5 square meters.
CBRE sent an email to the original deadline near Tuesday afternoon that since they had just obtained an outline planning permission, potential acquirers or developers interested in bidding should have the opportunity to evaluate and consider relevant impacts and options, so they decided to extend the bid deadline.
The Upper Serangoon Shopping Centre and the adjacent lot of the sale tender was originally scheduled to end at 3 pm on Tuesday (June 10). CBRE, which is responsible for the sales, announced on the same day that it would extend the deadline for the tender to 3 pm on September 9.
The shopping center occupies two permanent lands with a total area of 176,792 square feet. It is sold collectively through public bidding. The index price is 260 million yuan, and the price is equivalent to 1,471 yuan.
Lots near the shopping center are privately owned. The approximately 7505 square feet lot is also planned to be sold through private agreements. The acquirer can choose to purchase individually or buy three lots together.
CBRE Capital Markets Head Zheng Zhaoneng said in a statement: "We are very happy to receive the preliminary planning permit issued by the Municipal Development Bureau. Since the reconstruction opportunity of permanent title deeds is rare, people have developed a strong interest in this area. The permit alone cannot give developers a clearer understanding of the local development potential. After the bidding is extended for three months, they will be given more time to determine the development portfolio and bidding price."
The upper shopping mall in Serangoon, built in the early 1980s, was launched on the market in early April this year with collective sales. At the same time, the adjacent 697.2 square meters (about 7505 square feet) lot will also be sold together under a private treatment.
This decision has been reached with the seller.
According to the preliminary planning permit disclosed by CBRE, if private areas adjacent to shopping malls are transferred to the Land Transportation Administration (LTA) for road construction, the Urban Reconstruction Administration (URA) will support the development plans of retail and service apartments and private housing projects.
