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Property News09 Oct 2018

59 shop units in Ming Arcade up for sale en bloc at $51m

ming arcade photo credit cbre

Dozens of shops in a commercial building in the prime Orchard area are up for collective sale.

The guide price for the 59 units in Ming Arcade - a freehold strata-titled block near the junction of Orchard and Cuscaden roads - is $51 million, or about $4,470 per sq ft.

Ming Arcade, which was completed in the 1980s, has a total of 88 units on 10 floors, including three basement levels. Located in the Orchard Road shopping belt, it is near a number of private medical facilities, including the Camden and Gleneagles medical centres.

The 59 units make up nearly a third of the development's total share value. The units range in size from 140 sq ft to 334 sq ft, and their combined strata floor area is about 11,410 sq ft.

Marketing agent CBRE said the neighbourhood is undergoing rejuvenation anchored by The Singapore Edition, a luxury boutique hotel redeveloped on the former Boulevard Hotel site.

There is also the upcoming Artyzen Hotel behind Tanglin Shopping Centre, the redevelopment of Park House, and a luxury residential project developed by a consortium that includes SC Global.

Mr Jeremy Lake, managing director of capital markets at CBRE, said: "The portfolio presents a rare opportunity for investors to gain a foothold in the prime Orchard Road vicinity." The block is zoned "commercial", so it is not subject to the additional buyer's stamp duty and seller's stamp duty, and is eligible for purchase by local and foreign buyers, he added.

Ming Arcade is on a 12,132 sq ft site, with a gross plot ratio of 4.2 and a maximum height of 20 floors. No development charge is payable up to the approved gross floor area of 55,046 sq ft for commercial use.

The building presents a number of redevelopment options, including medical suites, office space and retail as well as hotel and mixed commercial and residential uses. Some development charges may apply, said CBRE.

Recent strata medical suites at Gleneagles Medical Centre were sold in the range of $9,300 psf to $10,000 psf, it added. The sale is via an expression of interest exercise that closes at 3pm on Nov 21.

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