228 Orchard Road put up for sale

A retail mall along Orchard Road near Somerset MRT station has been put up for sale by expression of interest.

The five-storey mall at 228 Orchard Road sits on a plot of around 8,875 square feet. Electronics retailer Courts leases a floor area of nearly 45,000 sq ft.

Mr Ian Loh, director and head of investment and capital markets at Knight Frank, said there was no indicative price and that the owner, department store OG, was open to offers.

Knight Frank is marketing the property. The expression of interest closes on Feb 14.

Mr Loh said the mall was "suitable for retailers who are looking to set up a flagship retail store", adding: "Most retail malls remain tightly held and a prime freehold retail mall along Orchard Road is hard to come by."

Resale prices of freehold commercial units in the vicinity have fetched around $6,500 per sq ft to $7,200 psf for Far East Plaza, $3,700 psf to $8,600 psf for Lucky Plaza and $2,500 psf to $4,900 psf for Orchard Towers in the past six months.

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