Goldhill Shopping Centre in Novena on sale for $425m

Romesh Navaratnarajah15 May 2018

Goldhill Shopping Centre crop

The asking price works out to a land rate of about $2,597 psf per plot ratio. (Photo: Cushman & Wakefield)

Goldhill Shopping Centre in Novena has been put up for en bloc sale with a reserve price of $425 million – making it this year’s first full commercial collective sale site, revealed Cushman & Wakefield, the marketing agent handling the tender exercise.

Taking into account the $61.2 million development charge, the land rate for the site works out to about $2,597 psf per plot ratio.

More: Property Investment Sales To Hit $46 Billion In 2018

The mall, one of the oldest in Singapore, was built in 1969 by Malaysian developer Goldhill Group and was popular among wealthy shoppers at the time.

With a site area of approximately 62,422 sq ft, the existing development comprises three blocks of walk-up commercial units, with the ground floor units predominantly used as retail shops, noted Cushman & Wakefield.

The freehold site is zoned for commercial use under the 2014 Master Plan with a plot ratio of 3.0, which translates to a maximum gross floor area of about 187,266 sq ft. A building height limit of 117m is also imposed on the site.

Located near Novena MRT station, Goldhill Shopping Centre is also close to various amenities such as Novena Square, United Square, Mount Elizabeth Novena and Tan Tock Seng Hospital.

As such, the site offers developers an opportunity to create a landmark commercial development in an established location, said Cushman & Wakefield capital markets director Christina Sim.

“With the impending North-South Expressway in the pipeline, there may also be a possibility of a direct connection to Novena MRT station through the basement, subject to planning approval,” she added.

The tender for Goldhill Shopping Centre closes on 27 June.

For the latest property news, trends, resources and expert opinions, visit our Property News page. Home buyers looking for Singapore Properties may like to visit our ListingsProject Reviews and Guides.


Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email


You may also like these articles

Sim Lim Square attempting $1.1 billion en bloc sale

Sim Lim Square is a six-storey retail mall completed in 1987. (Photo: SLP International Property Consultants) Popular IT mall Sim Lim Square is attempting to go en bloc following a second extraordina

Continue Reading15 Mar 2018

Choon Kim House in Upper Serangoon up for en bloc sale with over $55m guide price

Completed in the early 2000’s, the four-storey mixed-use building comprises 20 commercial units and 10 apartments. (Photo: JLL)The freehold Choon Kim House along Upper Serangoon Road has been launch

Continue Reading18 Apr 2018

Sembawang Shopping Centre sold to Lian Beng joint venture for $248m

This is the largest transaction value achieved for a standalone retail mall with an original 999-year lease. (Photo: Colliers International)Sembawang Shopping Centre along Sembawang Road has been sold

Continue Reading19 Apr 2018