SINGAPORE - Goldhill Shopping Centre in Novena has been launched for collective sale with a reserve price of $425 million, announced property services firm Cushman & Wakefield, the agent handling the tender exercise.
With a development charge of around $61.2 million, the land rate for the freehold site translates to around $2,597 per square foot per plot ratio (psf ppr).
Cushman & Wakefield said that the sale is the first fully commercial collective sale site to be launched this year, with the tender set to close on June 27 at 3pm.
The existing development, with a site area of 62,422 sq ft, comprises three blocks of walk-up commercial units, with retail shops filling up the ground floor units. The site is zoned "commercial", with a plot ratio of 3.0, translating to a maximum gross floor area of around 187,266 sq ft. It has a building height limit of 117m AMSL (above mean sea level).
The Goldhill site represents an opportunity for developers to "create a trophy landmark commercial development in an established location", said Christina Sim, Cushman & Wakefield's director of capital markets.
It is within walking distance to, among other developments, United Square, Novena Square, Square 2 and Tan Tock Seng Hospital.
"With the impending North-South Expressway in the pipeline, there may also be a possibility of a direct connection to the Novena MRT station through the basement, subject to planning approval," she noted.