Colliers International has extended the tender submission date for the en bloc sale of The Arcade in Raffles Place by two months till March 5, 2020, at 3pm.
This is because developers had asked for more time to assess the site, Colliers said in a press statement on Monday. The original deadline was Jan 8, 2020.
Meanwhile, Colliers has also increased the land rate for the site after receiving the verified gross floor area (GFA) from the Urban Redevelopment Authority. The reserve price of S$780 million will now translate to a land rate of S$2,840 per square foot per plot ratio (psf ppr), up marginally from the estimated S$2,833 psf ppr indicated in the tender launch announcement last month.
Located in Singapore’s central business district, The Arcade at 11 Coller Quay was relaunched for collective sale on Nov 14 at a lower asking price of S$780 million, about 10 per cent less than the S$868 million that the owners asked for in 2014.
Since the tender was launched last month, The Arcade has received strong interest from developers and Colliers has conducted “many” site viewings, said Tang Wei Leng, managing director at Colliers International.
“With the long Christmas and New Year holidays upon us, many developers have requested for us to extend the deadline for the submission of tender so that they have more time to evaluate the site,” Ms Tang said on Monday.
The 20-storey development comprises 127 office and retail units. Depending on the size of the unit, each owner stands to receive between S$700,000 and S$29.9 million from a successful sale, based on the latest reserve price.
Under the Master Plan 2019, the site, which has a 999-year land tenure from April 20, 1826, is zoned for commercial use with a gross plot ratio of 15. The 2,035 square metre site could potentially be redeveloped into a 50-storey integrated development comprising a hotel, residential units, office and retail space, subject to the relevant approvals, Colliers said.
Developers are “particularly drawn” to the site’s location in the city centre, proximity to the Raffles Place MRT interchange station, its 999-year land tenure, and the ongoing urban transformation in the area, Ms Tang noted.