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.