59 shop units in Ming Arcade up for sale at $51m
Price guide for 59 units in Orchard property is $51m
Dozens of shops in a commercial building in the prime Orchard area are up for collective sale.
The price guide for the 59 units in Ming Arcade, a freehold strata-titled block near the junction of Orchard Road and Cuscaden Road is $51 million or about $4,470 per square foot.
Ming Arcade, which was completed in the 1980s, has a total of 88 units across its 10 storeys, including three basement levels.
It is not only close to the Orchard Road shopping belt, but also near a number of private medical facilities, including the Camden and Gleneagles health centres.
The 59 shop units for sale make up nearly a third of the development's total share value. The units span all floors with sizes ranging from 140 sq ft to 334 sq ft.
Their combined strata floor area is approximately 11,410 sq ft.
Marketing agent CBRE said the neighbourhood is undergoing rejuvenation anchored by a luxury boutique hotel redeveloped on the former Boulevard Hotel site.
There is also the upcoming Artyzen hotel behind Tanglin Shopping Centre, the redevelopment of Park House as well as a luxury residential project being developed by a consortium that includes SC Global.
Mr Jeremy Lake, managing director, capital markets at CBRE, noted: "The portfolio presents a rare opportunity for investors to gain a foothold in the prime Orchard Road vicinity.
"At the guide price... we expect strong interest as the affordable quantum makes it attractive to small and mid-sized developers as well as family offices, real estate funds and high net-worth individuals who are seeking capital appreciation in the medium to long term."
Mr Lake added that as the block is zoned commercial, it is not subject to additional buyer's stamp duty and seller's stamp duty, and is eligible for purchase by local and foreign buyers.
Ming Arcade is on a 12,132 sq ft site with a gross plot ratio of 4.2 and a maximum height of 20 storeys.
No development charge is payable up to the approved gross floor area of 55,046 sq ft for commercial use.
The building presents a number of redevelopment options, including medical suites, office and retail as well as hotel and mixed commercial and residential uses. Some development charges may apply, noted CBRE.
Recent strata medical suites at Gleneagles Medical Centre were sold in the range of $9,300 psf to $10,000 psf, it added.
The sale is via an expression of interest exercise that closes at 3pm on Nov 21. - THE STRAITS TIMES
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