Ming Arcade, a commercial development in the prime Orchard Road area has been put up for collective sale by tender for the second time.
The sole marketing agent, Jones Lang LaSalle, said the relaunch also comes with a lower asking price of over S$120 million.
Meanwhile, the site was offered at more than S$130 million during the first tender exercise.
Stella Hoh, national director and head of investments at Jones Lang LaSalle said: “The recent measures of Additional Buyer Stamp Duty applicable to residential properties may result in investors switching their property purchases towards commercial and industrial properties.”
She added that the site would be attractive for both small and mid-sized developers and is ideal to build a corporate flagship building.
The redevelopment site, located on 21 Cuscaden Road is zoned ‘commercial’ with a gross plot ratio of 4.2+ and an allowable building height of 20 storeys.
It has an approved gross floor area of 55,046 sq ft and no development charge is payable for the site.
Jones Land LaSalle said some of the possible redevelopment options for the site include office and retail developments, hotel and mixed commercial projects, residential uses and medical suites.
Currently, Ming Arcade comprises 88 commercial or retail strata units of varying sizes, from 140 sq ft to 620 sq ft.
Other existing commercial developments within the vicinity include the Orchard Parade Hotel, Far East Shopping Centre and Tanglin Shopping Centre.
And nearby medical facilities include Camden Medical Centre, Mount Elizabeth Hospital and Gleneagles Hospital.
The tender will close at 3pm on 16 February 2012.
Source : Channel NewsAsia – 9 Jan 2012