Centrium Square retail units sold in a bulk deal
By Feily Sofian
/ The Edge Property |
At least 32 retail units at Centrium Square with a total strata area of 16,738 sq ft could have been sold through a bulk purchase for $70.1 million, based on caveats published by the URA. The project, which was the former Serangoon Plaza, is being developed by Feature Development, which is an associate of Tong Eng Group.
The buyer is believed to be Canali Logistics Pte Ltd which also purchased Hotel Grand Chancellor at Belilios Road in Little India in 2014. The first storey retail units were sold at an average price of $6,015 psf while those on level two fetched an average price of $3,932 psf.
Centrium Square is a freehold development located next to the 24-hour department store Mustafa Centre. It is also within a short walking distance from Farrer Park MRT station, just two stops from Dhoby Ghaut MRT station on the Orchard Road shopping belt.
The area is touted to be the next medical hub with the recent opening of Farrer Park Hospital which is part of an integrated complex comprising Farrer Park Medical Centre housing specialist clinics and One Farrer Hotel and Spa.
Separately, RB Capital is developing Farrer Square, a mixed-use project comprising medical suites and 300-room Park Hotel Farrer Park. It was reported that three floors of the medical suites were also sold in a bulk deal in 2014 to HSC Healthcare which is headquartered in Kuala Lumpur.
Centrium Square has two levels of retail units, 39 medical suites on level six to eight and 143 offices from level nine to 19. It was reported that Tong Eng had initially planned to retain and manage the two floors of retail units. Meanwhile, the medical units will be sold on a per floor basis.
Based on URA caveats, at least 20 office units have been sold at between $2,353 and $2,624 psf, or $2,514 psf on average. They range from 570 sq ft to 1,012 sq ft in size.
In 2014, Canali Logistics acquired the 328-room Hotel Grand Chancellor from Hotel Grand Central Limited for $248 million. The price works out to around $756,000 per room.
Centrium Square is a freehold development comprising two levels of retail units, 39 medical suites and 143 offices. It is within a short walk from Farrer Park MRT station
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