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 that they were “very confident that Ming Arcade will be sold for more than $140 million”.
This works out to about $2,542 per sq ft per plot ratio.
The seven-storey commercial complex was built by Ming Arcade, a subsidiary of People’s Park Development owned by the late property developer Ho Kok Cheong. It has three basement levels, 88 units and an existing verified development baseline of 55,046 sq ft, 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 sq ft 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 Mr Jeremy Lake, investment sales and capital markets managing director at Savills Singapore.
Mr 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 3pm. THE BUSINESS TIMES