SINGAPORE - Singapore Shopping Centre has put itself on the collective sale market with a reserve price of $255 million.
The seven-storey retail and office development, located at 190 Clemenceau Avenue opposite Dhoby Ghaut MRT station, spans a land area of 2,449.8 sq m. It is zoned for commercial use under Draft Master Plan 2019 with a plot ratio of 4.2+.
The development also has a "prominent triple-road frontage onto Clemenceau Avenue, Penang Road and Penang Lane", said marketing agent SRI.
Mr Andy Gan, head of investment sales at SRI, said the area is "poised for a major rejuvenation with the redevelopment of Park Mall just across the street".
Mr Tony Koe, the realty firm's managing director, highlighted proposed plans by the authorities to pedestrianise part of Orchard Road and connect green spaces at the Istana Park, Dhoby Ghaut Green and the open space at Plaza Singapura.
The tender closes on Sept 9.
Source: Business Times, 17 July 2019