Site of 'showbiz central' up for sale
THE site of the old Singapura Theatre that served as showbiz central for thousands of Malay and Indian movie fans is up for sale at $45 million.
In its heyday in the 1970s, the cinema in Geylang Serai was ablaze with neon signs and colourful posters proclaiming the latest Hindustani and Malay hits.
It closed in 1985, reportedly because of competition from the video industry. It was turned into a furniture exhibition centre and later a temporary shopping complex.
Owner Shaw Brothers renovated the three-storey building in 1992, and the cinema screened Tamil movies for a while.
The building has been only partly used for the past couple of years. A section of the first floor is leased to a foodcourt while the rest is taken up by an entertainment centre that also occupies the second floor. The third floor is vacant.
Shaw Brothers wants to sell the freehold site at No. 55 Changi Road in order to capitalise on the rejuvenation of the Paya Lebar area, said marketing agent Knight Frank.
The land is next to the upcoming Paya Lebar Central, a commercial hub to be developed as part of the Urban Redevelopment Authority's decentralisation strategy to provide alternative zones for businesses.
It is also near the Paya Lebar station on the Circle Line and the Eunos station on the East West Line.
The asking price of $45 million translates to a land price of $769 per sq ft (psf) on the potential gross floor area of about 58,490 sq ft.
No development charge is payable, Knight Frank said.
The regular-shaped plot sits on a land area of about 19,497 sq ft. Under the 2008 Master Plan, it is zoned for commercial use at a plot ratio of 3.0.
'The site is not fully built-up currently. It is likely to be torn down and can be redeveloped into a taller building subject to approval,' said Mr Ian Loh, Knight Frank's senior manager, investment.
He said the site would be suitable for a superstore like Courts or a private school.
The tender closes on Nov 11.
JOYCE TEO
In its heyday in the 1970s, the Singapura Theatre in Geylang Serai was ablaze with neon signs and colourful posters proclaiming the latest Hindustani and Malay hits. -- PHOTO: KNIGHT FRANK
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