Goldhill Shopping Centre up for sale en bloc at $425m

Goldhill Shopping Centre in Novena is the first fully commercial collective sale site to be launched this year. The site is zoned "commercial", with a plot ratio of three, translating to a maximum gross floor area of around 187,266 sq ft.
Goldhill Shopping Centre in Novena is the first fully commercial collective sale site to be launched this year. The site is zoned "commercial", with a plot ratio of three, translating to a maximum gross floor area of around 187,266 sq ft.PHOTO: SHIN MIN DAILY NEWS

Goldhill Shopping Centre in Novena has been launched for collective sale with a reserve price of $425 million.

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.

It is the first fully commercial collective sale site to be launched this year, said Cushman & Wakefield, the agent handling the sale.

The tender is 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 on the ground floor.

The site is zoned "commercial", with a plot ratio of three, translating to a maximum gross floor area of around 187,266 sq ft. It has a building height limit of 117m above mean sea level.

The Goldhill site represents an opportunity for developers to "create a trophy landmark commercial development in an established location", said Ms Christina Sim, Cushman & Wakefield's director of capital markets.

It is within walking distance of, 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," Ms Sim noted.

A version of this article appeared in the print edition of The Straits Times on May 15, 2018, with the headline 'Goldhill Shopping Centre up for sale en bloc at $425m'. Print Edition | Subscribe