Goldhill Shopping Centre in Novena on sale for $425m

The asking price works out to a land rate of about $2,597 psf per plot ratio. (Photo: Cushman & Wakefield)

Goldhill Shopping Centre in Novena has been put up for en bloc sale with a reserve price of $425 million – making it this year’s first full commercial collective sale site, revealed Cushman & Wakefield, the marketing agent handling the tender exercise.

Taking into account the $61.2 million development charge, the land rate for the site works out to about $2,597 psf per plot ratio.

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The mall, one of the oldest in Singapore, was built in 1969 by Malaysian developer Goldhill Group and was popular among wealthy shoppers at the time.

With a site area of approximately 62,422 sq ft, the existing development comprises three blocks of walk-up commercial units, with the ground floor units predominantly used as retail shops, noted Cushman & Wakefield.

The freehold site is zoned for commercial use under the 2014 Master Plan with a plot ratio of 3.0, which translates to a maximum gross floor area of about 187,266 sq ft. A building height limit of 117m is also imposed on the site.

Located near Novena MRT station, Goldhill Shopping Centre is also close to various amenities such as Novena Square, United Square, Mount Elizabeth Novena and Tan Tock Seng Hospital.

As such, the site offers developers an opportunity to create a landmark commercial development in an established location, said Cushman & Wakefield capital markets director Christina Sim.

“With the impending North-South Expressway in the pipeline, there may also be a possibility of a direct connection to Novena MRT station through the basement, subject to planning approval,” she added.

The tender for Goldhill Shopping Centre closes on 27 June.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

This post was originally posted on Property Guru Property Market News Section