The en bloc sale deadline for the 20-storey office and retail development has been extended to 5 March 2020. Photo: Colliers International

The tender submission deadline for The Arcade at 11 Collyer Quay has been extended from 8 January 2020 to 5 March 2020, after developers requested for more time to assess the site, according to marketing agent Colliers International.

Launched for en bloc sale on 14 November with a $780 million reserve price, the 20-storey development features 127 office and retail units.

“Since the collective sale tender was launched, The Arcade has received strong interest from numerous developers and we have conducted many site viewings,” said Colliers International managing director Tang Wei Leng.

“With the long Christmas and New Year holidays upon us, many developers have requested for us to extend the deadline for the submission of tender so that they have more time to evaluate the site owing to its tremendous redevelopment potential. We have taken this feedback into consideration and have revised the tender closing date.”

Colliers revealed that the land rate has also been revised following receipt of the verified gross floor area (GFA) for the site from the Urban Redevelopment Authority. As such, the $780 million reserve price now translates to a land rate of $2,840 per sq ft per plot ratio (psf ppr) – a marginal increase from the estimated land rate of $2,833 psf ppr during the tender launch.

The Arcade is nestled on a 2,035.4 sq m (21,909 sq ft) site with a 999-year land tenure.

Under the Master Plan 2019, the site is zoned commercial with a gross plot ratio of 15. Subject to the approval of relevant authorities, the site could be redeveloped into a 50-storey integrated development comprising residential units, a hotel, office and retail space.

“The response to the site has been positive so far, with developers particularly drawn to its city centre location, proximity to the Raffles Place MRT interchange station, its 999-year land tenure, and the ongoing urban transformation in the area,” said Tang.

“We believe the extension of the tender submission date will give developers more time to uncover many more merits of this unique redevelopment plot.”

Source: CommercialGuru, 17 December 2019