Singapore's property group Tong Eng said Serangoon Plaza will soon be demolished to make way for a new 19-storey commercial complex. Teo Kar Tin, director at Tong Eng Brothers, said the demolition and construction are expected to start in February and it will be completed in the third quarter of 2019, Channel NewsAsia reported.
Serangoon Plaza, which was built in the 1960s, has a branch of Mustafa, Singapore's biggest 24-hour mall and it is the largest tenant there. Tong Eng said that all the tenants have been asked to move out by the end of this month. The authorities hope that the tenants will be able to meet the deadline.
The five-storey Serangoon Plaza, which was formerly known as President Shopping Centre, was bought by Feature Development, an associate firm of Tong Eng, in 1984. At that time, 10 percent of the units had been sold. However, the Feature Development bought back the units in 2013 for about S$40 million with an aim of redeveloping the site.
Tong Eng added that the land will now be redeveloped into a 19-storey commercial development called Centrium Square. The new project will have retail space on the first and second storeys and a 14-storey tower with medical suites and offices. Reports said the retail space has already been fully sold to shipping company Canali Logistics.