In recent years, en bloc sales have become a popular way for developers to acquire land and buildings for redevelopment in Singapore.
Ming Arcade, a commercial building near Orchard Road in Singapore, has recently been sold en bloc to Royal Group for S$172 million.
Source: Google Maps
Ming Arcade is a 10-storey commercial building of approximately 53,000 square feet. It comprises retail units on the lower floors and offices on the upper floors.
The purchasers are reportedly planning to refurbish and upgrade the building to meet the needs of modern businesses.
According to The Straits Times (ST), the final sale amount works out to S$3,125 per sq ft per plot ratio (psf ppr), a new high in the Orchard vicinity.
Marketing agent Savills Singapore says that Ming Arcade received multiple bids at high prices. Some of these bids were about 34% above the reserve price.
Following the mega sale, each tenant of Ming Arcade will receive a sizeable amount due to the en bloc sale.
The figures apparently range from S$750,000 to about S$30 million for each unit, depending on the size from 13 sq m to 620 sq m.
A famous urban and lifestyle hub in the 80s, the developers hope to rekindle some of the magic lost throughout the years.
Meanwhile, two new hotels – Artyzen Singapore and The Singapore Edition – will launch soon nearby, bringing further traffic into the area.
For now, it’s unknown what the developers have planned for the building replacing Ming Arcade.
However, the authorities have given them the green light to redevelop the site into a new upscale development comprising a luxury hotel, retail, office and residential spaces.
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Featured image adapted from Google Maps.
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