Freehold mixed-use building in Orchard up for sale at indicative price of $600 mil

By Atiqah Mokhtar / EdgeProp Singapore | December 23, 2021 4:23 PM SGT
30 Bideford Road (Credit: Colliers/Knight Frank)
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SINGAPORE (EDGEPROP) - An 18-storey freehold luxury mixed-use development located at 28 and 30 Bideford Road is up for sale by tender at an indicative price of $600 million.
Colliers and Knight Frank have been jointly appointed as the exclusive marketing agents for the sale.
Designed by Japanese architectural firm Nikken Sekkei, the building comprises 168 serviced residences and approximately 54,512 sq ft, of retail, office and medical space, spanning five storeys.
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The property sits on a land area of approximately 21,602 sq ft. It was previously the site of the former Thong Sia Building, which was sold to a member of private investment firm SIN Capital Group for $380 million in 2015.
“30 Bideford Road is a newly completed and well-designed hospitality commercial development with high specifications, located right at the heart of Orchard Road,” says Tang Wei Leng, managing director of Colliers Singapore. (Find Singapore commercial properties with our commercial directory)
The building received its Temporary Occupation Permit (TOP) in early 2020. Under the Urban Redevelopment Authority’s (URA) Master Plan 2019, the site was zoned for commercial and residential use, with a gross plot ratio of 4.9.
According to Tang, the property will be sold with vacant possession on an “as is, where is” basis, subject to the termination of existing leases at the property.
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The building’s location places it some 600 metres away from the Somerset MRT station on the North-South Line, while surrounding developments in its immediate vicinity include The Paragon, Ngee Ann City and Mandarin Gallery.
Daniel Ding, head of capital markets at Knight Frank Singapore, says that the sale is an attractive investment proposition for investors looking for a brand-new freehold trophy asset located in prime District 9. “The opportunity may be suitable for hospitality operators who seek a flagship hospitality asset, or investors looking to acquire a generational asset,” he says.
The joint tender for the sale of 30 Bideford Road will close at 3pm on Feb 15, 2022.
Check out the latest listings near Bideford Road, Orchard, Somerset MRT station
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