Freehold Upper Serangoon Shopping Centre Near Serangoon MRT Station Relaunched for Sale

November 19, 2025 -- Freehold Upper Serangoon Shopping Centre Near Serangoon MRT Station Relaunched for Sale Nestled within the low-density landed neighbourhood, development enjoys unobstructed views

CBRE is putting up for sale, by public tender, 756 Upper Serangoon Road, which offers developers the exceptional opportunity to acquire and develop a mixed-use site located near to the Serangoon MRT station.

Located in District 19, Upper Serangoon Shopping Centre is a mixed-use development consisting of both commercial and residential units. The Site comprises two land plots (Lots 4361M and 3228K of Mukim 22) and has a combined land area of 51,086 sq ft.

Lot 3228K Mukim 22 has an excellent frontage of approximately 28 metres along Upper Serangoon Road while Lot 4361M Mukim 22 overlooks a low-density private landed neighbourhood. Under the 2019 Master Plan, Lot 3228K Mukim 22 is zoned for “Commercial and Residential” with an allowable gross plot ratio (GPR) of 3.0 while Lot 4361M Mukim 22 is zoned for “Residential” with an allowable GPR of 2.8. The development has a verified GFA of 176,792 sf, and the area has a building height control of up to 36 storeys. The site has two entrances – one at Sireh Place and another at Taman Sireh.

Nestled within the Surin / Charlton landed enclave, the Site boasts one of Singapore’s most coveted residential enclaves. The Site’s immediate surroundings include semi-detached houses, terraces, bungalows, as well as condominium developments. Despite its exclusiveness, the area is easily accessible and is well- supported by a wide array of F&B outlets, amenities, and lifestyle offerings at the nearby NEX Mall, Heartland Mall, and shophouses along Upper Serangoon Road. For nature lovers, there are numerous parks such as Surin Neighbourhood Park, Maplewood Park, as well as Jalan Pelikat Park Connector in the area.

The Serangoon MRT Interchange Station is located 750 metres away while the Kovan MRT station is located 1km away. Public transportation is readily-available along Upper Serangoon Road.

The site also enjoys seamless connectivity to other parts of Singapore via Central Expressway and the Central Business District (CBD) and Orchard Road are a short 10 to 15 minutes’ drive away.

The relocation of Paya Lebar Airbase in 2030 will free up 800ha of redevelopment land and the area will progressively be transformed into a highly-liveable and sustainable new town comprising housing and recreational facilities, as well as employment opportunities. The masterplan township will complement and link up existing and future developments in Serangoon, Paya Lebar Central, Kaki Bukit, and Tampines. Being located near to the Paya Lebar Airbase, the site will benefit from the gradual transformation of the district allowing owners to enjoy capital appreciation in the mid to long term.

There is potential for a developer to curate a vibrant mixed-use development with a total GFA of 176,792 sq ft, subject to the relevant authorities’ approval. CBRE has submitted an Outline Planning Permission (OPP) for the development of a serviced apartment with retail at the front plot and a residential development at the back plot. Subject to a Pre-Application Feasibility Study (PAFS), the authorities’ approval, and assuming an average unit size of 85 sqm for residential and 35 sqm for serviced apartments, there can be approximately 154 residential units at the back plot and 56 serviced apartments (or 23 residential units) with 12,000 sf of commercial space at the front plot. Interested developers should conduct further evaluation on the parameters surrounding the redevelopment of the development.

Mr Michael Tay, Singapore Advisory Deputy Managing Director and Head of Capital Markets, CBRE, said, “We have noticed strong sales momentum for new residential launches in 2025 such as Springleaf Residences, Lyndenwoods, Faber Residences, River Green, Skye at Holland, Alta, Penrith, Parktown Residences, Lentor Central Residences, and Aurelle of Tampines. This is driven by a combination of lower interest rates which are making mortgages more affordable, encouraging both first-time buyers and investors and supported by sustained demand from HDB upgraders who are looking to transition to private condominiums. Singapore's controlled land supply and strong economic fundamentals further contribute to a positive long-term outlook for the property market.”

Mr Clemence Lee, Executive Director of Singapore Capital Markets, CBRE, said “We believe that developers will be drawn to the site as the final product within the new development will be appealing to both homeowners and investors. For homeowners, the affluent landed surroundings, city-fringe location, coveted freehold tenure, proximity to amenities, and unobstructed views overlooking the landed estate, complemented by the site being situated within 1km of the renowned Paya Lebar Methodist Girls’ School (Primary), will be a huge draw. Residents living within the nearby landed estate will also form a natural buyer pool as they might want to purchase a unit within the new development for their children to live near them. For investors, leasing demand in the area has traditionally been strong and will continue to do so due to its proximity to International Schools such as Lycée Francais De Singapour and Australian International School.”

Primary schools located within 1km include Paya Lebar Methodist Girls’ School (Primary) and Zhonghua Primary School, while others like Cedar Primary School, CHIJ, Maris Stella High School, St. Gabriel’s Primary School, Singhua Primary School, and Xinmin Primary School are within 2km. International schools in the vicinity include Lycée Francais De Singapour and Australian International School. Other schools in the vicinity include St Gabriel’s Secondary School, Paya Lebar Methodist Girls’ Secondary School, Zhong Hua Secondary School, Serangoon Junior College, and Nanyang Junior College.

The guide price for Upper Serangoon Shopping Centre is S$260 million, translating to S$1,471 psf on the existing GFA of 176,792 sq ft.

The public tender for 756 Upper Serangoon Road will close on Wednesday, 3 December 2025 at 3.00 pm.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, digital infrastructure services); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.

Release ID: 89176347