An 81,457 sq ft site at 11 Hillside Drive in Serangoon has been put up for sale through an expression of interest (EOI), reported The Business Times.
Offered under a 103-year lease from 2012, the property is approved for education use and has a gross floor area of 46,753 sq ft. The site is currently leased to a school.
Rohit Hemnani, JLL’s Head of Corporate Capital Markets, expects interest from established groups looking to expand their presence in Singapore, or from investors and educational operators looking to enter the local market.
Situated within the Serangoon sub-regional district, the site is close to Heartland Mall and Nex mall. It is also a short distance from the Serangoon and Kovan MRT stations.
“It is widely recognised that there is a shortage of real estate spaces for community, childcare/education and education facilities in Singapore,” said Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield (C&W).
“This is partly due to the fact that the government had not been releasing enough land for such purposes in recent years. On the other hand, we notice that there has been firm interest for most of the state land tender for such uses in the past.”
C&W and JLL are jointly marketing the property.
The EOI exercise will close on 16 December 2015.
Image: 11 Hillside Drive. Source: JLL
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
