Ming Arcade sold at record $3,125 psf ppr to Royal Group of Companies

Located 50m from the main Orchard Road shopping belt, Ming Arcade sits on a 112,132 sq ft site that is zoned “commercial”. The seven-storey complex was completed in 1982. (Picture: Savills Singapore)

SINGAPORE (EDGEPROP) - Freehold commercial development Ming Arcade, located at 21 Cuscaden Road, has been sold for $172 million following its public tender exercise which closed on Dec 15. In a Dec 16 press release, marketing agent Savills Singapore says the transaction sets a new price benchmark of $3,125 psf per plot ratio (psf ppr), beating the previous price record of $2,910 psf ppr that Hong Kong-listed Shun Tak Holdings paid for the Park House en bloc sale site it acquired for $375.5 million in 2018. (See potential condos with en bloc calculator)

Jeremy Lake, managing director, investment sales & capital markets at Savills Singapore, says the tender for Ming Arcade received “multiple bid”. “The transacted price is 34% above the reserve price and 14.8% higher than Tanglin Shopping Centre, which was also brokered by Savills at $868 million, or $2,769 psf ppr in February 2022,” he adds.

The buyer of Ming Arcade is Royal Group of Companies, the Singapore-based family office founded by property magnate Asok Kumar Hiranandani. Royal Group’s portfolio of properties includes Sofitel Singapore Sentosa Resort & Spa and the upcoming second Raffles Hotel in Sentosa.

Royal Group intends to redevelop the site. “Ming Arcade used to be an urban and vibrant lifestyle hub back in the 1980s and we are pleased and eager to embark on the rejuvenation of this enclave of Orchard Road precinct and restore the grandeur it deserves,” says Asok Kumar Hiranandani and Bobby Hiranandani, chairman and co-chairman respectively of Royal Group of Companies.

Ming Arcade is a seven-storey commercial complex with three basement levels and a total of 88 strata units. It sits on a freehold 12,132 sq ft site zoned for commercial use with an existing gross floor area of 55,046 sq ft, equivalent to a plot ratio of 4.54. It has a height control of up to 20- storeys. (Find Singapore commercial properties with our commercial directory)

Surrounding developments include luxury hotels and residential developments such as the upcoming Artyzen Hotel, The Edition Hotel, Boulevard 88, Four Seasons Hotel and Four Seasons Park and St Regis Hotel & Residences.

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