Commercial site Goldhill Shopping Centre up for en bloc sale at $425m

It has 3 blocks of walk-up commercial units with those in the ground floor used as retail shops.

Goldhill Shopping Centre at 151-203B Thomson Road (Odd Nos.), a prime commercial redevelopment site in the Novena commercial precinct, has been put up for sale via tender, Cushman & Wakefield announced. The site has a reserve price of $425m with a development charge of $61.2m or $2,597 psf ppr.

According to an announcement, the site is at the doorstep of the Novena MRT Station and close to the HealthCity Novena, Goldhill Shopping Centre. It is also in the heart of an agglomeration of prominent developments including United Square, Novena Square, and Tan Tock Seng Hospital.

The existing development comprises three 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 sqm (62,422 sqft).

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 17,397.60 sqm (187,266 sqft). It also has a building height limit of 117m AMSL.

Christina Sim, director of capital markets at Cushman & Wakefield commented, "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," she added.

The tender will close on 27 June 2018, Wednesday, at 3 p.m.