SINGAPORE (EDGEPROP) - The tender submission deadline for The Arcade in Raffles Place has been extended to March 5, 2020, announced Colliers International, the marketing agent for the collective sale. The extension follows feedback from developers who say they require more time to assess the site. The Arcade was launched for collective sale on Nov 14 this year.
Tang Wei Leng, managing director at Colliers International, says: “Since the collective sale tender was launched, The Arcade has received strong interest from numerous developers and we have conducted many site viewings. 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.”
In addition, the land rate for the development at 11 Collyer Quay has been marginally revised upward after receiving the verified gross floor area of the site from the URA. The reserve price of $780 million now translates to $2,840 psf per plot ratio (ppr) from the initially announced land rate of $2,833 psf ppr.
The Arcade is zoned for commercial use and has a gross plot ratio of 15. The site has a 999-year tenure from 1826. The 20-storey development comprises 127 office and retail units.
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