Freehold Ming Arcade put up for sale, asking for over S$140m
Freehold Ming Arcade put up for sale, asking for over S$140m. Ming Arcade, a freehold project finished in 1982, has been put up for auction. The sole marketing agent, Savills Singapore, claimed on Tuesday (Nov 15), that they are “very certain that Ming Arcade would be sold for more over S$140 million.” This works out to approximately S$2,542 per square foot per plot ratio.
The seven-story commercial complex was built by Ming Arcade, a subsidiary of People’s Park Development controlled by the late Ho Kok Cheong. It has three basement levels, 88 apartments, and a validated development baseline of 55,046 square feet, for a plot ratio of 4.54. It can be built up to a maximum height of 20 storeys.
The site is classed as “commercial” in the 2019 Master Plan and is on a 12,132-square-foot plot. The purchaser can reconstruct or use asset enhancement initiative works on the property to develop a new affluent complex with a luxury hotel, retail, office, and residential spaces, according to Savills Singapore. Additionally, the “commercial” zoning eliminates the need for the successful buyer to pay additional buyer’s stamp duty. The Rainbow Lounge, Singapore’s first theatre-disco lounge and music venue, was once housed in the mall, which was well-known for its music scene.
“As a freehold commercial site, Ming Arcade represents an exceptionally rare opportunity for developers wishing to acquire a prime property in Singapore’s most coveted area,” said Jeremy Lake, managing director of Savills Singapore’s investment ales and capital markets. Lake predicts strong demand from Asian ultra-high-net-worth buyers and family offices given that the position is now the only commercial site available in the Orchard enclave.
The public tender for Ming Arcade will close on December 15 at 3 p.m.
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