A rare strata portfolio comprising 59 freehold shop units in Ming Arcade is available for sale via an Expression of Interest (EOI) exercise, CBRE the sole marketing agent announced on Monday.
The freehold Ming Arcade is a seven-storey strata-titled commercial building with three basement storeys. Completed in the 1980s, it has a total of 88 strata shop units. Offered for sale are 59 strata shop units of sizes ranging from about 140 to 334 sq ft and with a combined strata floor area of approximately 11,410 sq ft. Representing 32.7% of the development’s total Share Value, the units in the portfolio are spread across every storey from basement 1 to the sixth storey.
Conveniently located near the junction of Orchard Road and Cuscaden Road, Ming Arcade is a short stroll from a plethora of amenities including restaurants, retail shops, entertainment and lifestyle establishments. Other amenities in the vicinity include the premier medical facilities at Camden Medical Centre, Gleneagles Medical Centre and Hospital, prestigious clubs like Tanglin Club and American Club as well as the Singapore Botanic Gardens which is a UNESCO World Heritage site.
The immediate precinct is undergoing exciting rejuvenation anchored by The Singapore EDITION, a first-to-the-city luxury boutique hotel redeveloped on the former Boulevard Hotel site, the future Artyzen Hotel sited behind Tanglin Shopping Centre, the redevelopment of Park House as well as an upcoming luxury residential project developed by a consortium comprising SC Global, New World Development Company and Far East Consortium International.
Jeremy Lake, Managing Director, Capital Markets, CBRE said, “The portfolio presents a rare opportunity for investors to gain a foothold in the prime Orchard Road vicinity. At the guide price of $51 million (approximately $4,470 psf), we expect strong interest as the affordable quantum makes it attractive to small and mid-sized developers as well as family offices, real estate funds and high net worth individuals who are seeking capital appreciation in the medium to long term. Furthermore, as the portfolio is zoned ‘commercial’, it is not subject to Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD), and are eligible for purchase by local and foreign buyers.”
Redevelopment options include medical suites, office and retail developments as well as hotel and mixed commercial and residential uses, subject to the relevant authorities’ approval and payment of a development charge, where applicable. Recent strata medical suites at Gleneagles Medical Centre, located along Napier Road, were sold in the range of $9,300 psf to $10,000 psf.
Ming Arcade stands on a 12,132 square feet land that is zoned for commercial use with a gross plot ratio of 4.2 and a maximum height of 20 storeys. Up to the approved gross floor area (GFA) of 55,046 sq ft for commercial use, no development charge is payable.
This EOI exercise closes on 21 November 2018, Wednesday at 3pm.