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Singapore commercial site enters en bloc sale market at S$425M reserve price

The Goldhill Shopping Centre in Novena, Singapore, made its way into the en bloc sale market at a S$425 million reserve price as proposed, The (Singapore) Business Times reported, citing Cushman & Wakefield, which is overseeing the tender exercise.

The three-story, 87-unit property hit the market at a price tag of S$315 million in 2008, but was not sold.

The 62,422-square-foot plot that Goldhill Shopping Centre is located on comprises three commercial blocks that offer retail space on the ground floor. With a 3.0 plot ratio, the site's maximum gross floor area comes to about 187,266 square feet.

Factoring in an approximately S$61.2 million development charge, the land rate for the freehold site amounts to roughly S$2,597 per square foot per plot ratio.

The tender, representing the first fully-commercial collective sale site in 2018, will close June 27 at 3 p.m. Singapore time, the May 14 report noted.

As of May 11, US$1 was equivalent to S$1.34.