SINGAPORE - Famous retailer Mustafa may soon find its store space shrinking if a collective sale of Serangoon Plaza proves successful.
The complex at 320, Serangoon Road, popularly known as Serangoon Plaza, is being put up for collective sale with an indicative price range of $360 million to $368 million, or about $1,751 to $1,790 per square foot per plot ratio (psf ppr) respectively.
The five-storey freehold complex has an ascribed plot ratio of 3.0 under the 2008 Master Plan.
This means the 68,521 sq ft property can potentially be redeveloped into a sizeable commercial development with a permissible gross floor area of up to 205,563 sq ft.
Serangoon Plaza houses a mix of 128 units of retail and office space.
Its most recognisable resident is Mustafa, the 24-hour retailer where one can shop for almost anything.
Mustafa has two major department stores in Little India - one in Serangoon Plaza and another in the adjacent Mustafa Centre. Its retail area spans more than 258,000 sq ft, of which 12,000 sq ft is rented in Serangoon Plaza.
"An attractive freehold plot of this size and scale in close proximity to an MRT station is definitely a rare find in the market," said Ms Suzie Mok, senior director of investment sales at Savills Singapore who is handling the sale of Serangoon Plaza.
"We expect strong interest from developers seeking a good-quality commercial plot in an established city fringe location. Traditionally, this locale, with its unique cultural and heritage identity, enjoys heavy pedestrian footfall from tourists, business travellers and locals," she added.
The tender closes on Oct 31.
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