The Arcade up for collective sale for $780m
Comprising 127 office and retail units, The Arcade sits on a 2,035.4 sq m (21,909 sq ft) site that is zoned commercial under the Draft Master Plan 2019 with a gross plot ratio of 15. Photo: Colliers International
The Arcade, a 20-storey office and retail property at 11 Collyer Quay, is up for collective sale with a reserve price of $780 million or $2,833 per square foot per plot ratio (psf ppr), revealed marketing agent Colliers International.
The Arcade collective sale committee chairman Moeez Hatim Nakhoda said the owners decided to take a stab at a collective sale as the ageing building has “fallen behind the times”.
“As Raffles Place continues to evolve and surrounding buildings undergo revamp, the owners feel that it is time that The Arcade gets a complete makeover as well.”
Comprising 127 office and retail units, The Arcade sits on a 2,035.4 sq m (21,909 sq ft) site that is zoned commercial under the Draft Master Plan 2019 with a gross plot ratio of 15.
With a land tenure of 999 years, the site could be redeveloped into an integrated development comprising residential units, a hotel as well as office and retail space, subject to the approval of relevant authorities.
Colliers noted that a developer could redevelop the site into a 50-storey skyscraper, with panoramic views of the Marina Bay and the new Downtown skyline.
“This is a golden opportunity to lay claim to a historic site in an ever-evolving Raffles Place, the heart of Singapore’s bustling commercial district,” said Colliers International managing director Tang Wei Leng.
Enjoying dual frontage to Raffles Green and Collyer Quay, the site offers convenient access to the Pan Island Expressway, Marina Coastal Expressway and other major expressways. It is also near the Raffles Place MRT interchange station.
“Within Raffles Place, there are probably no other redevelopment opportunities and we believe The Arcade site, with a 999-year land tenure, will be highly sought-after,” said Tang.
In the event of a successful sale, each owner could receive between $700,000 and $29.9 million, depending on the size of their unit.
The collective sale tender for The Arcade closes on 8 January 2020.
Source: CommercialGuru, 14 November 2019