The freehold Selegie Centre in prime District 7 has been sold en bloc at its reserve price of $120 million.
This deal - the development's third attempt at a collective sale - is at a land rate of $1,942 per square foot per plot ratio (psf ppr).
It means owners of the 84 sq m apartments there will reap about $1.7 million while shop owners can expect between $1 million and $12 million, depending on the unit size, said sales committee chairman M. Thomas yesterday.
"The building needs many repair works to be done and it is timely for (it) to be revamped," he added.
"We believe that the redeveloped building will be a landmark for the overall outlook of the Tekka or Little India precincts.
"It will form an integrated resort atmosphere for visitors passing through Selegie or Serangoon and Little India."
The 30-year-old Selegie Centre, which is at the junction of Selegie and Mackenzie roads and borders the central business district, is a mixed development consisting of 33 shops and 25 apartments.
It is within walking distance of the Little India, Rochor and Dhoby Ghaut MRT stations.
The 10-storey building has a gross floor area of slightly over 60,000 sq ft and stands on the spot which used to be Singapore's transport hub in the 1950s and 1960s.
The buyer, Peak Tower Corp, which is backed by an Indonesian developer and industrialist, expects to build a hotel or commercial complex there.
It hopes for a rezoning change for the building.
The marketing agent was Property Link Services.
