Selegie Centre, a freehold mixed development site at the junction of Selegie Road and Mackenzie Road, has been launched for sale through a public tender, with a price tag of between $110 million to $125 million.
Residents and shops owners of the 25-year-old Selegie Centre, which is located in prime District 7, announced that 83 percent of the shareholders approved to put the development up for en bloc sale.
A previous attempt to sell the property had failed in 1997, when buyers pulled out of the discussion due to fears of the Asian financial crisis.
“There were a couple of other times over the years when some owners were interested in selling but it was mostly small talk,” said Mr. Chua Bah Teh, chairman of the collective sale committee and the largest shareholder of the development.
“The majority weren’t interested in letting go of the building, especially as the surrounding areas were being redeveloped and they expected property prices to go up,” he said.
However, sentiments have changed and Mr. Bhasker Moses, a shop owner in the building, said that “The building is now very old. It requires high maintenance and any refurbishment will cost quite a bit.”
Mr. Moses, who is also the senior associate manager of Credo Real Estate group, explained that it was the best time to sell the development, as tender prices have been high and the property market is hot.
Selegie Centre sits on a 9,728.5-sq-ft site and is located in a conservation zone. It consists of a five-storey commercial space, each with a gross floor area of 2,637 sq m, and a seven-storey residential tower with a GFA of 3,259.35 sq m each.
The tender for the site closes on September 15.