Freehold Ming Arcade put up for sale, asking for over S$140m

by Albert02

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 completed in 1982, is up for auction. Savills Singapore, the only marketing agency, stated on Tuesday (Nov 15) that they are “quite certain that Ming Arcade would be sold for more than S$140 million,” which works out to around S$2,542 per square foot per plot ratio.

Ming Arcade, a subsidiary of People’s Park Development controlled by the late Ho Kok Cheong, built the seven-story commercial complex. It has three basement levels, 88 apartments, and a validated development baseline of 55,046 square feet, resulting in a plot ratio of 4.54. It can be built up to a maximum of 20 storeys in height.

The plot is 12,132 square feet and is classified as “commercial” in the 2019 Master Plan. According to Savills Singapore, the purchaser can reconstruct or employ asset enhancement initiative works on the property to develop a new affluent complex with a luxury hotel, retail, office, and residential spaces. Furthermore, the “commercial” zoning eliminates the requirement for the successful buyer to pay additional buyer’s stamp duty. The Rainbow Lounge, Singapore’s first theatre-disco lounge and music venue, was previously housed in the mall, which was famed for its music scene.

“As a freehold commercial site, Ming Arcade is an extremely uncommon opportunity for developers seeking a premier property in Singapore’s most sought area,” said Jeremy Lake, managing director of Savills Singapore’s investment ales and capital markets. Given that the position is now the only commercial site available in the Orchard enclave, Lake anticipates substantial demand from Asian ultra-high-net-worth purchasers and family offices.

Ming Arcade’s public tender will close on December 15 at 3 p.m.

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Source: 
https://www.businesstimes.com.sg/property/mobile-spotlight/freehold-ming-arcade-put-sale-asking-over-s140m


 
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