A Brand New 50-Storey Skyscraper Will Appear If Buyer is Found and Redevelop
The 999-year rare leasehold site, The Arcade Singapore @ 11 Collyer Quay has had the charm to redefine luxury throughout many generations.
In 1909, it housed Singapore’s first indoor shopping complex, the four-storey ‘Alkaff Arcade’ with its Moorish arches and domes drawing the affluent crowd on horse carriages to lifestyle attractions of those days.
Since 1981, it became the 84 meters 20-storeys landmark building ‘The Arcade’ at the Downtown core neighbourhood in Raffles Place District 1, best known for Forex, F&B and lifestyle boutiques.
Owning 30% of the building, the developer City Developments Limited (CDL) leased out the rest to other individual owners for a period of 99 years.
With quick advancements – technology and others, in the last few decades, ‘The Arcade’ building site has been up for collective sale, the first time during 2014, in order to keep up with the times.
Many owners are still reluctant to part with the lingering memories of the building and tenants to be deprived of their thriving businesses in the excellent CBD location that enjoys high pedestrian traffic.
When the groundwork for their second attempt sale started early 2018 Q4, the Collective Sales Committee chaired by Moeez Hatim Nakhoda decided to rework the asking price after consensus.
Accordingly, after lowering down 10% on S$868 million projected in 2014, the current collective sale has been launched at S$780 million.
The timely launch amidst tight office supplies in CBD and Marketing Agent Colliers International has been appointed for this en bloc sale.
The commercial property sits on an area of 21,909 sq ft and when translate to land rate, it arrives at S$2,833 psf ppr.
Upon successful sale, it could potentially yield between S$700,000 and S$29.9 million to the 127 office / retail owners of the CBD building.
Interestingly, it has some historic records like a shop on the ground floor that sold at S$32,000 psf four years back.
With Draft Master Plan 2019 in place, the site is zone “commercial” and has a gross plot ratio of 15.
The new developer can build 50-storey skyscraper to accommodate a live, work and play dynamic realm 24/7 like the upcoming integrated skyscraper CapitaSpring having the components residential, office and retail spaces plus a hotel in addition.
The Arcade is located in the heart of Singapore’s bustling commercial district
It is surrounded by landmark office buildings like One Raffles Place, Chevron House, Republic Plaza, Ocean Financial Centre etc., along Boat Quay leisure and entertainment hub with a host of retail and dining options.
With seamless connection to the rest of the island through expressways and Raffles Place MRT interchange within walking distance, it makes another great spot for the thriving bleisure travel business.
The soil that has seen some unique structures over the decades now presents another exclusive opportunity to become a luxurious landmark again, capture global attention and adorn the garden city’s skyline.
The collective sale tender for ‘The Arcade’ closes at 3 pm on January 8, 2020.