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Old March 26th, 2008, 03:09 PM   #1
babystan03
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[COMPLETED] nex | Serangoon Central

Gold Ridge puts in top bid of S$801m for Serangoon Central white site
Posted: 26 March 2008 1913 hrs

SINGAPORE : Gold Ridge has put in the top bid of nearly S$801 million for a white site at Serangoon Central.

The price works out to S$850 per square foot per plot ratio for the 99-year leasehold site.

This is 10 percent more than the next highest bid of S$727 million from Serangoon Community Developments.

All in, the site attracted 6 bids, with the lowest by Peak Star at S$215 million.

Analysts expect a full retail centre to be built on the site.

Consultants CB Richard Ellis says the retail mall could be around the size of Parkway Parade, IMM Building or Jurong Point and yield a net lettable area of around 600,000 square feet.

Consultants Knight Frank says the proposed development has the potential to be a regional retail mall and draw shoppers from the housing estates along the Northeast Line and the future Circle Line.

Analysts believe the retail units can be leased out at between S$10 and S$14 per square foot.

Retail malls are expected to do well in the short and medium term.

Retail-property REITs may also be interested in buying such malls after they are developed.

The Land Transport Authority, which offered the site, will study the bids and announce the award of the tender later. - CNA/ch
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Old March 30th, 2008, 12:42 PM   #2
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Business Times - 29 Mar 2008

LTA awards site at Serangoon for transport hub development

By KALPANA RASHIWALA

SINGAPORE will have 10 integrated public transport hubs in about 10 years.

The Land Transport Authority (LTA) yesterday awarded a 'white' site at Serangoon Central for an integrated development to a unit of Pramerica Real Estate Investors (Asia) and reiterated that four more integrated public transport hubs will be built - at Marina South, Jurong, Joo Koon and Bedok - over the next 10 years.

Typically, these developments comprise air-conditioned bus interchanges, MRT stations and retail/other developments.

So far, three such hubs have been completed - at Ang Mo Kio, Toa Payoh and Sengkang. Another two are being built - at Boon Lay and Clementi - slated for completion by 2009 and 2011 respectively, LTA announced.

'Integrated public transport hubs will enhance connectivity by making our bus interchanges and MRT stations more accessible,' LTA chief executive Yam Ah Mee said in a statement yesterday.

'Residents have told us they enjoy the comfort and convenience of our air-conditioned bus interchanges at Ang Mo Kio, Toa Payoh and Sengkang. Public transport ridership at these areas has gone up steadily.'

Pramerica Asia will develop a mall on the Serangoon Central site, which it clinched for $800.9 million or $850 psf per plot ratio.

LTA said in its statement: 'Under this tender, the developer will design and construct a development with a bus interchange, to be integrated with the Serangoon North-East Line MRT Station and the Serangoon Circle Line MRT Station.'


In its release yesterday, LTA did not give the locations of the four new integrated public transport hubs.

But market watchers reckon the ones in Jurong and Bedok are likely to be around the existing Jurong East and Bedok MRT stations.

The Marina South hub could be in the vicinity of a new station planned to serve the new cruise terminal at Marina South as part of an extension to the current North-South Line, which now ends at Marina Bay Station.

Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
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Old March 30th, 2008, 12:53 PM   #3
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Well, its confirmed that the Marina South hub is at Marina South instead of Marina Bay.

I guess that means the NSL extension should be announced soon, soon meaning anytime from now to 3 years time.
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Old March 30th, 2008, 12:56 PM   #4
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Quote:
Originally Posted by ddes View Post
Well, its confirmed that the Marina South hub is at Marina South instead of Marina Bay.

I guess that means the NSL extension should be announced soon, soon meaning anytime from now to 3 years time.
Which is good.....more development coming up in Marina....

They should link this up with the IR or create a chain of developments like the Rochor-Ophir Corridor....
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Old April 1st, 2008, 03:14 PM   #5
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Serangoon Transport Hub

Integrating Serangoon Bus Terminal with Serangoon MRT Interchange with NEL and CCL will make Serangoon Central a strategic transportation hub. Besides, it is also very closed to the CTE, KPE and the Outer Ring Road, making it a ideal location for business offices and residences. The current Serangoon Bus Interchange will be demolished and the land will be used to build new offices and retail malls. That will make Serangoon Central a Regional Centre similar to Tampines Regional Centre. I'll not be surprised that the properties around that area will go up in value in the near future.

Last edited by MLP; April 1st, 2008 at 03:23 PM.
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Old April 1st, 2008, 03:49 PM   #6
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It is no surprise that the general value of the area will go up.

If you looked at URA plans since they ever came out, Bishan, Serangoon, Buona Vista and Paya Lebar were slated to be sub-regional centres. And incidentally, these 5 places are linked by the Circle Line.

Hopefully this will give the northeast region a long awaited spruce up. Even with the NEL, places like Hougang and Sengkang still lack the warmth and vitality of other towns which still make the northeast region still second rate.
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Old April 2nd, 2008, 09:29 AM   #7
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After reading so much of plans of the northeast region, I still figure out that my house don't really benefit from it, as it's a bit too far from the central, yet is not far enough to have it own "neighbourhood central". Is not here nor there.
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Old April 2nd, 2008, 02:11 PM   #8
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Quote:
Originally Posted by Dounut View Post
After reading so much of plans of the northeast region, I still figure out that my house don't really benefit from it, as it's a bit too far from the central, yet is not far enough to have it own "neighbourhood central". Is not here nor there.
As DDES mentioned, Serangoon will become a Regional Centre with integrated Bus, NEL and CCL interchange. I notice there is also a huge reserve land besides the proposed interchange in Serangoon Central. Surely that will be sold for retail cum office development.

Your house value will go up. You just need to wait for 3 years for site to be developed.
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Old November 25th, 2008, 12:57 PM   #9
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New mall in Serangoon Central

25 Nov 08



Serangoon Central will have a new mall come end-2010.
The six-storey mall will be the epicentre of the integrated transport hub comprising a new 16-bay Serangoon Bus Interchange and the Serangoon MRT station.

It will offer a range of shopping and entertainment features, such as a 24-hour retail and food and beverage zone, a 10-screen cineplex. games arcade, pet lovers' enclave and unique balcony dining establishments. There will also be a 500-seat food court, a 60,000 sq ft hypermarket and a 50,000 sq ft department store.

Designed as an eco-friendly mall, the yet-to-be-named mall will be set amidst lush garden enclaves and landscaped sky terraces.

Gold Ridge - which counts institutional investors from USA and Europe as shareholders - is the developer and Pramerica Real Estate Investors (Asia) is the investment manager for the mall investors.

Total investment in the project is estimated at $1.3 billion.


By Joyce Teo, Property Reporter
Straits Times
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Old November 26th, 2008, 01:11 PM   #10
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New mall upcoming at Serangoon Central

Serangoon Central to get mega shopping mall
Nov 26, 2008 - The Straits Times
Joyce Teo, Property Correspondent

IT IS full steam ahead for a $1.3 billion mega shopping mall being built at Serangoon Central - in defiance of the current gloomy times
Construction firm Low Keng Huat was yesterday awarded a $295 million contract to build the mall and the firm is grabbing the contract with both hands.

Its chief financial officer, Mr Chin Yeok Yuen, said private contracts of such a scale are 'hard to come by' these days as many developers have delayed projects in light of the slowdown.

Developer Gold Ridge, a special purpose vehicle made up of mainly institutional investors from the United States and Europe, is confident of the project's long-term success.

Ms Victoria Sharpe, the chief executive of Pramerica Real Estate Investors (Asia) which is advising the investors, said the mall has tremendous potential to be developed into an iconic retail centre serving Singapore's north-east.

It is also strategically located in the heart of Serangoon with its large residential population and numerous schools.

The yet-to-be-named six-storey mall - which sits above Serangoon MRT station and the upcoming Serangoon Circle Line station - will be integrated with the stations and a new bus interchange.

It will boast a 24-hour zone with shops, food and beverage outlets, a 10-screen cineplex, a 60,000 sq ft hypermarket and a 10,000 sq ft gourmet supermarket. Also, SAA Architects has conceptualised a 'green necklace' along the exterior of the eco-friendly building. This involves a series of lush green spaces. There will also be a landscaped sky terrace and an internal roof garden.

A new 16-bay bus interchange will take up part of the mall's ground floor. The mall will have a total net lettable area of slightly more than 618,000 sq ft. That will make it bigger than Ang Mo Kio Hub, a suburban mall that is also linked to a bus interchange and an MRT station.

'Suburban malls are usually about 300,000 to 400,000 sq ft in size. This one is big and will be more exciting as it can accommodate more concepts, activities and experiences,' said property consultancy Knight Frank's head of retail, Ms Sherene Sng.

Gold Ridge plans to include a department store that may occupy up to 60,000 sq ft, as well as a 500-seat food court. There will be more than 400 specialty shops. The firm is investing $1.3 billion, including land cost, in the project. It had successfully tendered for the site in March this year, with a bid of $800.9 million or $850 per sq ft per plot ratio.

The existing shopping centre portfolio of Pramerica Real Estate Investors (Asia) includes Tiong Bahru Plaza, Century Square and upcoming Tampines 1.

The weak economic outlook is expected to hit retail sales but suburban malls with high traffic may fare better than some prime downtown malls. Said Ms Sng: 'Suburban mall rents will remain fairly resilient, going ahead. If they were to fall, the decline will not be as great as the fall in rents in prime areas.'

Builder Low Keng Huat yesterday said it had been awarded the construction contract for Serangoon Central Mall, which comprises the mall and bus interchange. The project is expected to be completed by October 2010.

The total value of the firm's ongoing construction projects, including Serangoon Central mall, is about $900 million as of yesterday, it said in its statement.

Guthrie Consultancy Services is the project manager, retail consultant and marketing manager for the mall. The mall will eventually be held by two or possibly several funds managed by Pramerica.

Coming up

WHAT'S planned for the mall:

More than 400 specialty shops

A 10-screen cineplex A hypermarket, a gourmet supermarket and a department store

A 500-seat food court

A 24-hour zone with shops as well as food and beverage outlets

A new 16-bay bus interchange will take up a portion of the ground floor of the shopping centre

Ground breaks for $1.3 billion mall at Serangoon Central
The ground breaking for a $1.3 billion mall at Serangoon Central took place on Tuesday.

The six-level project will have net lettable area of about 600,000 sq ft and will be completed by end-2010. It will have a hypermarket, gourmet supermarket, department store, 10-screen cineplex, 500-seat food court and more than 400 specialty shops.

The mall, which has yet to be named, will also feature a 24-hour retail and food and beverage zone. Its basement 2 level will be integrated with a new bus interchange and the Serangoon North East Line and Circle Line MRT stations.

The mall is being developed by Gold Ridge Pte Ltd, whose owners include institutional investors from the US and Europe advised by Pramerica Real Estate Investors (Asia) Pte Ltd. Guthrie Consultancy Services Pte Ltd is the project manager, retail consultant and marketing manager for the development.

Source : Business Times - 25 Nov 2008

Renderings from SAA Architects website:
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Old November 26th, 2008, 03:16 PM   #11
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This is just slightly smaller than the coming City Square Mall which is also along the NS Line. Both are aiming to capture the same market which is the population living along the NS line.
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Old November 27th, 2008, 08:42 AM   #12
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Serangoon is interchange from Circle Line N NE line.

It is cheaper to buy than to build now.
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Old December 8th, 2008, 01:40 PM   #13
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Serangoon Central Mall will also house the bus interchange, making it more strategic than City Square Mall.

The government may have plans to develop the lands around Serangoon Central into a sub-regional centre.

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Serangoon is interchange from Circle Line N NE line.

It is cheaper to buy than to build now.
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Old December 9th, 2008, 12:31 PM   #14
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16 bay bus interchange- isn't that a tad too small?
Does anyone have any idea who's gonna be operating the 10-screen cinema, the hyper and gourmet supermarkets?
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Old December 10th, 2008, 06:44 AM   #15
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i believe the 24-hour food court would most likely be Kopitiam, as always. cineplex may be eng wah? hypermarket can be ntuc/sheng shiong/giant and gourmet market would most likely be cold storage.
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Old December 10th, 2008, 03:12 PM   #16
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Eng Wah was already loosing money with its cinema business before the crisis, so most probably Cathay or Golden Village will operate there, or even that new operator with the Cineplex at Kallang Leisure Park.
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Old December 11th, 2008, 02:14 PM   #17
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I supposed in SIngapore, everthing is predicted. Every business is monopoly driven.
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Old April 14th, 2009, 03:19 PM   #18
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Upcoming Serangoon shopping mall gets 30% occupancy commitments

14 Apr 09

SINGAPORE : An upcoming shopping mall in Serangoon Central has obtained occupancy commitments for 30 per cent of its lettable space since breaking ground in November.

These tenants include Cineplex operator Shaw Organisation, hypermarket operator FairPrice Xtra and mainboard-listed Food Junction Holdings.

Advanced talks are also underway to secure a department store operator to take up 50,000 square feet of lettable space in the shopping centre.

The mall's developer is Gold Ridge, which is backed by mostly European and American investors.

Gold Ridge has named the new mall "nex".

"nex" will be a six-storey mall with over 600,000 square feet of net lettable space.

It is expected to open by the end of next year and will be the biggest mall in northeast Singapore.

Gold Ridge is investing S$1.3 billion in the project.

http://www.channelnewsasia.com/stori...422270/1/.html
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Old April 15th, 2009, 04:27 AM   #19
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Small case eh?

"nex"

North-East Xchange?
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Old April 15th, 2009, 08:31 AM   #20
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*yawns* With the CCL up from next month, and more attractive malls along the NSL not far away anymore, I wonder if nex will really be competitive enough.
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