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$400m Serangoon Plaza sold en bloc

Posted by Property Launch Invest on Wednesday, 13 November 2013 in Property News

The majority owner of Serangoon Plaza has bought the entire five-storey Little India complex for $400 million through a collective sale process. This makes it technically the largest collective sale of a commercial property on record, and the biggest en bloc deal since Westwood Apartments was sold for $435 million in November 2007.

The final sale price, equivalent to $1,946 per sq ft, is about 11% above the indicative price of $360 million to $368 million, or $1,751 to $1,790 psf. The building was put up for sale in September, and the tender closed on 31 Oct 2013.

Expat Guides

Feature Development, an associate company of Tong Eng Group of Companies, already owns more than 90% of Serangoon Plaza. According to Savills Singapore which brokered the deal, Tong Eng recused itself from the sales committee once it decided to put in a bid itself.

With the bid won, Feature will not have to pay a development charge to redevelop Serangoon Plaza, which is under-utilising its space allowance. It sits on a 68,521 sq ft plot that can host a development with up to 205,563 sq ft of floor space given the allowable plot ratio of 3.0. Currently, the complex's floor area is only 104,765 sq ft.

Located at 320 Serangoon Road, Serangoon Plaza holds 128 units of retail and office space. One of its key tenants is retailer Mustafa, which also owns the 24-hour Mustafa Centre shopping complex next door.

A representative from Savills Singapore added that the property is probably the last key pocket available in the Farrer Park precinct to create an iconic commercial landmark. Feature Development is likely to look at holding the development for the long term.

The transaction caps a good year for collective sales of non- residential property. At least four other commercial and industrial buildings have been sold since January. They are: San Centre at Chin Swee Road, Bright Chambers in Bugis, and Henley Industrial Building and Pak Chong Building off Upper Paya Lebar Road.

Source: Business Times 1st November 2013

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PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

$400m Serangoon Plaza sold en bloc

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