Selegie Centre sold for $120 million

The mixed development Selegie Centre has been sold to Peak Tower Corp for $120 million, in a third attempt at a collective-sale.

Owners can expect to get between $1 million and $12 million with a land rate of $1942 per square foot per plot ratio. The owner of an 84sqm apartment will receive about $1.7 million while shop owners can expect between $1 million and $12 million, depending on the unit size.

“The building needs many repair works to be done and it is timely for (it) to be revamped,” said sales committee chairman M. Thomas.

“We believe that the redeveloped building will be a landmark for the overall outlook of the Tekka or Little India precincts. It will form an integrated resort atmosphere for visitors passing through Selegie or Serangoon and Little India.”

The 30-year-old, 10-storey Selegie Centre is located at the junction of Selegie and Mackenzie Roads and borders the CBD. It has a gross floor area of just over 60,000sqft.

Peak Tower Corp, backed by an Indonesian developer and industrialist, expects to build a hotel or commercial complex there.

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