The Goldhill Shopping Centre in Novena has been placed on the market with a reserve price of S$425 million.

Property services group Cushman & Wakefield, the agency handling the sale by tender, says the land rate for the freehold site translates to around S$2597 per square foot per plot ratio (psf ppr).

Goldhill Shopping Centre comprises three walk-up commercial unit blocks on a 62,422sqft site.

Christina Sim, Cushman & Wakefield’s director of capital markets, says the site is an opportunity for developers to create “a trophy landmark commercial development” in a well-established location.  

The offer marks the first fully commercial collective sale to be launched this year. Tenders close on June 27.