The five-storey Serangoon Plaza will soon be torn down to make way for a new commercial development, said property group Tong Eng on Tuesday (Jan 10).
Tenants have been told to move out by the end of this month, Tong Eng said, adding that all tenants have said they will be able to meet the deadline.
Mustafa, Singapore’s biggest 24-hour mall, has a branch at Serangoon Plaza and is the largest tenant there, taking up three storeys and about 70,000 sq ft. The store will be shut on Feb 1 and its merchandise transferred to the main outlet, Mustafa Centre, on Syed Alwi Road, a spokesperson said.
When asked if the company expects its revenue to be hit by the closure of the Serangoon Plaza branch, the spokesperson said sales would be “slightly affected”. Mustafa also has no plans to expand elsewhere, he added.
Built in the 1960s as President Shopping Centre, Serangoon Plaza was bought over in 1984 by Feature Development, an associate firm of Tong Eng, which then sold 10 per cent of the units. In 2013, Feature Development bought back the units it had sold for about S$40 million so that it would have the option of redeveloping the site.
The land will now be redeveloped into a 19-storey commercial development called Centrium Square, Tong Eng said. The new development will have a five-storey podium with retail space on the first and second storeys and a 14-storey tower with medical suites and offices. The retail space has been fully sold to shipping company Canali Logistics, it added.
Source : Channel NewsAsia – 11 Jan 2017