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Singapore Shopping Centre, located at 190 Clemenceau Avenue, has been put up for collective sale with an asking price of $200 million. The mixed-use development, opposite the Dhoby Ghaut MRT Interchange and close to Orchard Road, is a seven-storey building.
This latest attempt at collective sale comes after the development’s previous offer in February 2020, where it was put on the market with a reserve price of $255 million and provisional approval for the site to be rezoned as a hotel. The current asking price is lower than the previous attempt.
The site occupies a corner land plot of 26,369 sq ft and is zoned for commercial use, with a 4.2 plot ratio. It currently has a gross floor area (GFA) of around 135,264 sq ft, comprising of retail and office components.
Real estate firm ETC, who is handling the collective sale, has stated that they have submitted an enquiry to the authorities for a lease top-up to a fresh 99 years. In the previous attempt, the authorities had shown in-principle support for a lease renewal.
Following a recent planning application, the URA has indicated support for either redeveloping the site for hotel use at the same plot ratio or adapting the existing building for hotel use at its current GFA. This would result in an equivalent plot ratio of around 5.13.
Based on this, the asking price of $200 million translates to a land rate of between $2,800 and $3,500 psf per plot ratio, depending on the proposed land use and development intensity.
ETC’s head of investment advisory, Swee Shou Fern, has commented that the site’s connectivity, coupled with its proximity to Orchard Road and cultural institutions such as The Istana, makes it an attractive location for both commercial and hospitality-led concepts. She also noted the precinct’s ongoing transformation, with new developments and green public spaces, and sees strong potential for the site to become a new anchor for this end of Orchard Road.
The tender for Singapore Shopping Centre will close on October 28.