Ming Arcade, a freehold business, is for sale for more than $140 million
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Ming Arcade at 21 Cuscaden Road has been put on sale via public tender. In a news statement issued by Savills Singapore, the sole agent of this sale this freehold commercial property includes 88 units, and an established development base of 55,046 sq feet which is equivalent to an area proportion of 4.54.
“Ming Arcade is a unusual chance for developers who want to buy a top project in the most sought-after spot in Singapore. We are sure of the fact that Ming Arcade will be sold at a price of greater than $140 million.” states Jeremy Lake, the managing director for capital markets and investment sales of Savills Singapore.
The price is $2,542 per plot ratio. Savills anticipates a huge demand from Asian ultra-high net-worth buyers as well as family offices, given this “palatable” pricing. This site is the sole commercial site that is available for sale located in the Orchard Road area, says Savills.
It is located 50m away close to the Orchard Road shopping belt, Ming Arcade sits on a 12,132 square feet site which is classified as “commercial” with the ability to control height up to 20 floors according to the most current Master Plan. According to Savills that the site could eventually be used for a hotel or residential property subject to the approval from authorities.
“The buyer will be able to adjust their plans and the ability to design an iconic mixed-use project on the best avenue located in Singapore,” says Lak.
The seven-storey structure was completed in 1982. The architectural style of the building received an award from the Singapore Institute of Architects Design Merit Award in 1983. In the 1980s, among the major features in Ming Arcade was the Rainbow Lounge which was the first theatre-disco nightclub as well as a music club in Singapore created by poet, doctor and award-winning author Goh Poh Seng.
The property has been surrounded by high-end residences and hotels, including the soon-to-be 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 as a group deal worth $868 million February of this year. Savills was the agent for marketing who helped broker the sale. “The successful sale of the Tanglin Shopping Centre brokered by Savills in February 2022 is a testimony to the strengths of the Orchard area,” says Lake.
The auction of Ming Arcade closes on December 15.