Centrium Square’s 32 retail units with an area of 16,738 square foot were sold for $70.1m in a bulk purchase as shown by URA caveats. Previously known as Serangoon Plaza, the project is developed by Feature Development, a Tong Eng Group associate.
Retail units in the first storey were sold at $6,015 psf average price while those on level two sold at $3,932 psf average price. The buyer, Canali Logistics Pte Ltd also bought Hotel Grand Chancellor located at Belilios Road in 2014 for $248m from Hotel Grand Central Ltd.
Centrium Square has freehold tenure and it is located next to Mustafa Centre, a 24-hour shopping mall. Farrer Park MRT is a walking distance away while Dhoby Ghaut MRT is two stops away.
Farrer Park Hospital, which was opened recently, is transforming the area into a medical hub. The hospital is part of an integrated complex that consists of Farrer Park Medical Centre comprising of specialist clinics as well as One Farrer Hotel and Spa.
Another project being developed in the area is Farrer Square by RB Capital. This is a mixed-use development with medical suites and a Park Hotel of 300 rooms. The medical suites were sold in bulk to HSC Healthcare in 2014.
The retail units at Centrium Square are on two levels. The first level consists of 39 medical suites from floor 6 to 8 and the second level is 143 offices in floor 9 to 19. The sale of the medical units was on per floor basis. Initially, Tong Eng had planned to manage 2 retail units floors.
According to URA caveats, 20 office units were sold at an average price of $2,514 psf or between $2,353 to $2,624 psf with an area ranging from 570 sq ft to 1,012 sq ft.