CBRE has announced the relaunch of the freehold Upper Serangoon Shopping Centre for sale by public tender, presenting a significant opportunity for developers. Situated at 756 Upper Serangoon Road, the site is strategically located near the Serangoon MRT station, offering a mixed-use development potential with both commercial and residential units.
The site, located in District 19, comprises two land plots with a combined area of 51,086 square feet. Under the 2019 Master Plan, one plot is designated for “Commercial and Residential” use with a gross plot ratio (GPR) of 3.0, whilst the other is zoned for “Residential” with a GPR of 2.8. The development has a verified gross floor area (GFA) of 176,792 square feet and allows for building heights up to 36 storeys.
Michael Tay, Singapore Advisory Deputy Managing Director and Head of Capital Markets at CBRE, highlighted the strong sales momentum for new residential launches in 2025, driven by lower interest rates and demand from HDB upgraders. Clemence Lee, Executive Director of Singapore Capital Markets at CBRE, noted the site’s appeal due to its affluent surroundings, proximity to amenities, and strong leasing demand.
The guide price for the site is set at $190m (S$260m), translating to $1,075 (S$1,471) per square foot on the existing GFA. The public tender will close on 3 December 2025 at 3:00 pm. This sale comes as the area is poised for transformation with the relocation of Paya Lebar Airbase, promising future capital appreciation.
