Rare Opportunity to Concurrently Acquire Upper Serangoon Shopping Centre and Adjoining Land Plot

Singapore, 7 April 2025 – CBRE is presenting a unique opportunity to concurrently acquire two freehold sites located in District 19 - Upper Serangoon Shopping Centre and an adjoining land plot (Lot MK22-04362W).

Upper Serangoon Shopping Centre and Lot MK22-04362W are being marketed via separate marketing processes. Upper Serangoon Shopping Centre is being marketed for sale via a public tender process which closes on Wednesday, 10 June 2025 at 3:00 pm, while Lot MK22-04362W is being marketed for sale via private treaty.

Purchasers will have the opportunity to either acquire Upper Serangoon Shopping Centre (Plot 1 & 2) alone, or collectively with Plot 3. For purchasers looking to acquire Upper Serangoon Shopping Centre alone, there is opportunity to refurbish the existing building into a newer retail mall to cater to the residents living nearby. Alternatively, purchasers looking to acquire Upper Serangoon Shopping Centre together with the adjoining plot can consider redeveloping the combined site into a mixed-use development.

The information of the sites as follows:

Site	Plot	Lot Number	Master Plan 2019	Site Area	Verified GFA	Vendor
Upper Serangoon Shopping Centre, 756 Upper Serangoon Road	1	Lot MK22-3228K	Commercial & Residential with GPR 3.0	750.2 sqm	176,792 sqft	Collective Sale
	2	Lot MK22-4361M	Residential with GPR 2.8	3,995.9 sqm
Adjoining Land Plot	3	Lot MK22-04362W	Road	697.2 sqm	-	Private Owner

Nestled within the Surin / Charlton landed enclave, the properties are located in one of Singapore’s most coveted residential enclaves. The site’s immediate surrounding includes residential properties like semi-detached, terraces, bungalows, as well as condominium developments. Despite its exclusivity, the area is easily-accessible and is well supported by a wide array of F&B establishments, amenities, and lifestyle offerings at the nearby NEX Mall, Heartland Mall, and shophouses along Upper Serangoon Road. For nature lovers, there are numerous parks such as Surin Neighbourhood Park, Maplewood Park, as well as Jalan Pelikat Park Connector in the area.

The Serangoon MRT Interchange Station is located 750 metres away while the Kovan MRT station is located 1km away. Public transportation is readily available along Upper Serangoon Road. The site also enjoys seamless connectivity to other parts of Singapore via Central Expressway (CTE) and the Central Business District (CBD), and Orchard Road is a short 10 to 15 minutes’ drive away.

The relocation of Paya Lebar Airbase in 2030 will free up 800ha of redevelopment land with the area progressively transformed into a highly-livable and sustainable new town comprising housing and recreational facilities, as well as employment opportunities. The masterplan township will complement and link up existing and future developments in Serangoon, Paya Lebar Central, Kaki Bukit, and Tampines. Being located near to the Paya Lebar Airbase, the site will benefit from the gradual transformation of the district allowing owners to enjoy capital appreciation in the mid to long term.

Mr Michael Tay, Head of Singapore Capital Markets, CBRE, said, “By combining Plot 1, 2, and 3 together, there is potential for a developer to curate a vibrant mixed-use development with a total GFA of 176,792 sq ft, subject to the relevant authorities’ approval. CBRE will be submitting an Outline Planning Permission (OPP) for the development of the three plots into a mixed-use development comprising of serviced apartment, retail, and residential. Subject to Pre-Application Feasibility Study (PAFS), authorities’ approval, and assuming an average unit size of 85 sqm for residential and 35 sqm for serviced apartment, there can be approximately 154 residential units at Plot 2 and 56 serviced apartments with 12,000 sf of commercial at Plot 1.”

Mr Tay added, “Being nestled within the affluent low-density Surin / Charlton landed enclave, coupled with the fact that developers will be able to build up to 36-storeys for a new residential development, majority of the units will be able to enjoy unobstructed and protected views overlooking the landed estate. Underpinned by strong buying support in the Outside Central Region (OCR), we believe the residential development will attract strong buying interest from both the well-heeled in the surrounding private residential estates and public housing upgraders.”



Mr Clemence Lee, Executive Director of Singapore Capital Markets, CBRE, said “We believe that developers will be drawn to the site as the final product within the new development will be appealing to both homeowners and investors. For homeowners, the affluent landed surrounding, city-fringe location, coveted freehold tenure, proximity to amenities, unobstructed views overlooking the landed estate, and the site being situated within 1km of the renowned Paya Lebar Methodist Girls’ School (Primary) will be a huge draw. Residents living within the nearby landed estate will also be a natural buyer pool as they might want to purchase a unit within the new development for their children to live near them. For investors, leasing demand in the area has traditionally been strong and will continue to do so due to its proximity to International Schools such as Lycée Francais De Singapour and Australian International School.”

Primary schools located within 1km include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School while Cedar Prumary School, CHIJ, Maris Stella High School, St. Gabriel’s Primary School, Singhua Primary School, and Xinmin Primary School are within 2km. International schools in the vicinity include Lycée Francais De Singapour, and Australian International School. Other schools in the vicinity include St Gabriel’s Secondary School, Paya Lebar Methodist Girls’ Secondary School, Zhong Hua Secondary School, Serangoon Junior College, and Nanyang Junior College.

Upper Serangoon Shopping Centre has a guide price of $260 million which translates to $1,471 psf on the verified GFA of 176,792 sf.

Lot MK22-04362W is being offered for sale via private treaty separately. Interested parties are invited to submit their offers to the vendor for consideration.