Owners of this Arcade at Collyer Quay are taking another stab in a collective sale with an asking price of $780 million, 10 percent lower compared to $868 million price tag tried in 2014.
The brand new asking price translates into an estimated property rate of $2,833 per sq feet per plot ratio,” stated advertising representative Colliers International at a press statement yesterday.
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The Arcade includes 127 retail and office components. Based upon the size of this house, each operator could stand to get between $700,000 and $29.9 million by a successful sale,” said Colliers.
Mr Moeez Hatim Nakhoda, chairman of The Arcade Collective Sale Committee, stated the 40-year-old construction is ageing and has”dropped behind the times”.
“Since Raffles Place continues to evolve and surrounding buildings experience revamp, the owners believe it is time the Arcade receives a complete makeover also,” he added.
The 20-storey retail and office land sits on a 2,035 sq m (21,909 sq feet ) site using a 999-year land tenure that started on April 20, 1826.
Zoned”commercial” with a gross plot ratio of 15, the website could be redeveloped to an integrated improvement, including a resort, residential units, retail and office area, beneath the Draft Master Plan 2019.
The website, which has double frontage facing Raffles Green and Collyer Quay, also provides easy access to the Marina Central Expressway, Pan-Island Expressway along with other significant expressways and is right next to the Raffles Place MRT interchange station.
Ms Tang Wei Leng, managing director at Colliers International, stated:”This is a golden chance to lay claim to some historical site within an ever-evolving Raffles Place, the heart of Singapore’s bustling business district.”
She added:”Inside Raffles Place, there are most likely no additional redevelopment opportunities and we think The playoff website, using a 999-year land tenure, will be highly desired.”