Freehold commercial Ming Arcade up for sale for more than $140 mil
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) - Ming Arcade at 21 Cuscaden Road has been put up for sale by public tender. According to a press release by Savills Singapore, the sole marketing agent for this sale, the freehold commercial property has 88 units and a verified development baseline of 55,046 sq ft, which is equivalent to a plot ratio of 4.54.
“Ming Arcade is an exceptionally rare opportunity for developers that are looking to acquire a prime development in the most desired location in Singapore. We are very confident that Ming Arcade will be sold for more than $140 million,” says Jeremy Lake, managing director, investment sales & capital markets, at Savills Singapore.
This price translates to $2,542 psf per plot ratio. Savills expects very strong interest from Asian-based ultra-high net-worth buyers and family offices given the “palatable” price. The site is the only commercial site available for sale in the Orchard Road area, says Savills. (Find Singapore commercial properties with our commercial directory)
Located 50m from the main Orchard Road shopping belt, Ming Arcade sits on a 12,132 sq ft site that is zoned “commercial” with a height control of up to 20 storeys under the latest Master Plan. According to Savills, the site could accommodate a future hotel and/or residential property, subject to approval by the authorities.
“The buyer will have the flexibility and ability to curate an iconic mixed-used development in the most prime street in Singapore,” says Lak.
The seven-storey complex was completed in 1982. The design of the building won the Singapore Institute of Architects Design Merit Award in 1983. During its heyday in the 1980s, one of the main attractions of Ming Arcade was the Rainbow Lounge, the first theatre-disco lounge and music venue in Singapore set up by doctor, poet, and award-winning writer Goh Poh Seng.
Today, the property is surrounded by upmarket hotels and residential developments comprising the upcoming Artyzen Hotel, The Edition Hotel, Boulevard 88, Four Seasons Hotel and Four Seasons Park and St Regis Hotel & Residences.
Ming Arcade is also beside Tanglin Shopping Centre, which was sold in a collective sale worth $868 million in February this year. Savills was the marketing agent that brokered the deal. “The successful collective sale of Tanglin Shopping Centre brokered by Savills in February 2022 is a testament to the strong attributes of the Orchard locale,” says Lake.
The tender for Ming Arcade closes on December 15.
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