CBRE has announced a unique opportunity for developers to acquire two freehold sites in Singapore’s District 19, comprising the Upper Serangoon Shopping Centre and an adjoining land plot. The acquisition offers the potential for a mixed-use development with unobstructed views over the low-density landed neighbourhood.
The Upper Serangoon Shopping Centre, located at 756 Upper Serangoon Road, is being marketed through a public tender process closing on 10 June 2025. The adjoining land plot, Lot MK22-04362W, is available via private treaty. Developers can choose to acquire the shopping centre alone or together with the adjoining plot for a larger redevelopment project.
The site is strategically located within the Surin/Charlton landed enclave, known for its exclusivity and accessibility. It is well-connected by public transport, with the Serangoon MRT Interchange Station just 750 metres away and the Kovan MRT station 1km away. The area is also supported by amenities such as NEX Mall and Heartland Mall.
Michael Tay, Head of Singapore Capital Markets at CBRE, highlighted the potential for a vibrant mixed-use development, subject to relevant authorities’ approval. “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,” he said.
The relocation of Paya Lebar Airbase in 2030 is expected to enhance the area’s appeal, offering capital appreciation opportunities. Clemence Lee, Executive Director of Singapore Capital Markets at CBRE, noted the site’s attractiveness to both homeowners and investors due to its location and amenities.
The guide price for Upper Serangoon Shopping Centre is $260 million, translating to $1,471 per square foot on the verified gross floor area. Interested parties are encouraged to submit offers for consideration.
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