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Queensway Shopping Centre initiates process for en bloc sale after 43 years

It is also known as Singapore's sports mall.

Fasiha Nazren | April 29, 03:47 pm

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[Editor’s note on May 1, 3:24pm: The headline of a previous version of this article stated that the building was already up for sale. It has been amended to ensure greater accuracy regarding the property’s status.]

It is almost the end of an era for an iconic shopping mall.

En bloc sale

Queensway Shopping Centre and its adjacent housing apartment, Queensway Tower, have reportedly begun its en bloc sale process.

Photo from Queensway Shopping Centre’s Facebook page

The shopping centre first opened its doors in 1976, and is known for specialising in sports gear and apparel.

Apart from the 43-year-old shopping centre, the neighbourhood also has other malls, like Anchorpoint Shopping Centre and IKEA Alexandra.

Special general meeting

According to a Berita Mediacorp article published on April 22residents of the 78-unit Queensway Tower and shop owners of Queensway Shopping Centre were convened for a special general meeting.

This meeting took place on the weekend of April 13, and was supposedly the first time a general meeting of this scale was held.

According to a source, an en bloc committee was formed. However, other details were scant.

Declining footfall

The decision to kickstart the process was made even though some previous en bloc sales were unsuccessful, after the government introduced certain cooling measures in July 2018.

And it seems that some shopkeepers are for a potential en bloc sale.

One shop owner who spoke to Berita Mediacorp, has been at the shopping centre for the past 26 years.

He said that he was open to the idea of a sale, as business has not been good for the past few years due to declining customer footfall.

h/t: Berita Mediacorp

Top image from Queensway Shopping Centre’s Facebook page.

 

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