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

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

Nov 16, 2022

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Savills Singapore says its purchaser can redevelop the site into a new upscale development comprising luxury hotel, retail, office and residential spaces.
PHOTO: SAVILLS SINGAPORE

MING Arcade, a freehold project completed in 1982, has been put up for sale by public tender. Exclusive marketing agent Savills Singapore said on Tuesday (Nov 15) that they were “very confident that Ming Arcade will be sold for more than S$140 million”.

This works out to about S$2,542 per square foot per plot ratio.

The seven-storey commercial complex was built by Ming Arcade, a subsidiary of People’s Park Development owned by the late Ho Kok Cheong. It has three basement levels, 88 units and an existing verified development baseline of 55,046 square feet, equivalent to a plot ratio of 4.54.

It has a height control of up to 20 storeys.

The site sits on a plot of approximately 12,132 square feet and is zoned ‘’commercial’’ under the 2019 Master Plan. Savills Singapore said its purchaser can redevelop or exercise asset enhancement initiative works on the site into a new upscale development comprising luxury hotel, retail, office and residential spaces.

The “commercial” zoning also means that the successful buyer will not have to pay additional buyer’s stamp duty.

In its earlier days, the mall was well-known for its music scene, housing the popular Rainbow Lounge – the first theatre-disco lounge and music venue in Singapore.

“Being a freehold commercial site, Ming Arcade is an exceptionally rare opportunity for developers who are looking to acquire a prime development in the most desired location in Singapore,” said Jeremy Lake, managing director, investment sales and capital markets at Savills Singapore.

Lake added that he expects very strong interest from Asian ultra-high-net-worth buyers and family offices, given that the site is currently the only commercial site available in the Orchard enclave.

The public tender for Ming Arcade will close on Dec 15 at 3 pm.

https://www.businesstimes.com.sg/rea...for-over-s140m