Singaporean retail landmark The Arcade has been put up for collective sale via tender.
According to reporting in the Straits Times, the 20-storey office and retail complex in the island’s financial district has a reserve price of S$780 million (US$573.2 million) and stands under a 999-year land tenure that started counting in 1826.
The estimated land rate on the 2035.4sqm site translates to about $2833 ($2082)/sqft per plot ratio. It contains 127 office and retail units.
The new owner could potentially seek to redevelop the historic site to include hotel accommodation or residential units.
“The Arcade is a landmark site that has borne witness to the remarkable transformation of Singapore and its economy over the past 50 years,” said Colliers International MD Tang Wei Leng. “Developers will now get the rare chance to redevelop the site – creating a new focal point of interest – and reshape the Singapore city skyline.”
“The Arcade has a fantastic location in the heart of the CBD and is highly visible and attracts heavy pedestrian traffic,” said Arcade collective sale committee chairman Moeez Hatim Nakhoda. “As Raffles Place continues to evolve and surrounding buildings undergo revamp, the owners feel that it is time that The Arcade gets a complete makeover as well.”