Goldhill Shopping Centre at Novena 1st Full-Commercial Collective Sale Site Launched This Year

SINGAPORE, 14 May 2018 – Goldhill Shopping Centre at 151-203B Thomson Road (Odd Nos.), a prime commercial redevelopment site located in the bustling Novena commercial precinct, has been put up for sale via tender. Cushman & Wakefield is the appointed agent handling the tender exercise.

Conveniently located at the doorstep of the Novena MRT Station and close to the HealthCity Novena, Goldhill Shopping Centre is an exceptional freehold commercial site rarely available on the market. It is also in the heart of an agglomeration of prominent developments including United Square, Novena Square, Square 2, Tan Tock Seng Hospital, Mount Elizabeth Novena, Novena Medical Centre, Oasia Hotel and Courtyard by Marriott Singapore Novena.

The existing development comprises 3 blocks of walk-up commercial units, with the ground floor units used as predominantly retail shops. It has a site area of 5,799.2 sq m (62,422 sq ft approximately). According to Master Plan 2014, the site is zoned “Commercial” with a Plot Ratio of 3.0, translating to a maximum Gross Floor Area of 17,397.60sq m (187,266 sq ft approximately). It also has a building height limit of 117m AMSL.

According to Ms. Christina Sim, Director of Capital Markets at Cushman & Wakefield, Goldhill Shopping Centre represents an unprecedented opportunity for astute developers to create a trophy landmark commercial development in an established location. It also serves a tremendous catchment of affluent residential clusters nearby especially for residents in Orchard and Bukit Timah area. “With the impending North-South Expressway in the pipeline, there may also be a possibility of a direct connection to the Novena MRT Station through the basement, subject to planning approval. At the reserve price of S$425 million with a development charge of about S$61.2 million, the land rate for the site translates to $2,597 per sq ft per plot ratio” noted Ms. Sim.

The tender will close on 27 June 2018 (Wednesday) at 3.00pm.

For further information, please contact:

Christina Sim                                                               
Director, Capital Markets                                               
+65 6317 8333  / +65 9638 8813                                   
christina.sim@cushwake.com                                       

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.