Ming Arcade is a modern commercial building situated in Orchard Road shopping belt near the intersection of Cuscaden and Orchard roads.
The management of the Ming Arcade has decided to launch an official collective sale of its 59 shop units.
The price for the 59 shop units stands at $51 million. The value of these units is approximately a third of the property’s total share value. The price of the units is approximately $4,470 per sq ft.
Ming Arcade is built on a 12,132 sq ft site and was constructed during the 1980s.
The plot ratio of the site is 4.2 and the buildings has a maximum height of 20 floors. Currently, Ming Arcade has 88 units, and with the addition of basement level, it has ten floors.
The plot is also zoned for commercial use according to 2014 master plan.
The property also neighbours of private healthcare facilities such as Gleneagles and Camden medical centres.
All the shop units on collective sale occupy a floor area of 11,410 sq ft with each unit occupying strata floor area between 140 sq ft and 334 sq ft.
Advantages to all buyers that they will not be subjected to either additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD). Moreover, both foreign and local buyers can purchase the property.
Official statement from CBRE agent stated that the ongoing rejuvenation at The Singapore Edition, a luxury boutique hotel which is being redeveloped on the former Boulevard Hotel site is currently leading Ming Arcades’s neighbourhood in development of the area.
Other notable development programs taking place near Ming Arcade includes a luxury residential building under the development program of a consortium which incorporates SC Global.
Moreover, behind Tanglin Shopping Centre there’s an ongoing project to develop Artyzen Hotel and redevelopment of Park House.
According to the managing director of capital markets at CRBE, Mr Jeremy Lake, he said that investors are given a rare chance to gain access in the prime Orchard road and its environs taking into account the characteristics of the site.
Moreover, CBRE noted that some development charges will be applied to investors eyeing the property.
Ming Arcade has various redevelopment options which include retail space, mixed residential and commercial use, office spaces and medical suites.
Recently, as a result of expression of interest, Gleneagles Medical Centre sold its medical suites at a price between $9,300 psf and $10,000 psf.
The EOI for Ming Arcade to be closed on November 21st at 3 pm.