Positive response from developers following ‘The Arcade’ collective sale relaunch last month (Nov. 14) has resulted in the extension of tender submission date from Jan 8, 2020 to 3 pm, March 5, 2020.
Marketing Agent Colliers International’s Managing Director, Tang Wei Leng has announced that several developers have given encouraging feedback during their visits to the en bloc site, shown genuine interest and sought more time to assess the worth due to the long Christmas and New Year holidays ahead.
Another development at the same time was the revision of land price from S$2,833 psf ppr quoted during the launch last month to S$2,840 psf ppr after URA verified the Gross Floor Area (GFA) of the site.
Ms. Tang identifies the site’s strategic location in Singapore’s Central Business District presently under hectic urban transformations, situated within three minutes walking distance from Raffles Interchange MRT Station and the rare 999-year leasehold land tenure (April 20, 1826) as key attractive features to the developers.
After its unsuccessful first attempt in 2014, this prime site at 11, Collyer Quay, Raffles Place was proposed for relaunch last year at an opportune time when the office market recorded uptrend and tight supplies.
After consensus, the Collective Sales Committee under the chairmanship of Moeez Hatim Nakhoda had discounted 10% from their earlier asking price S$868 million to S$780 million.
Based on the present price, the potential proceeds to the 127 office / retail owners based on their unit sizes ranges from S$700,000 to S$29.9 million.
Under the Master Plan 2019, the 20-storey ‘The Arcade’ on 21,909 sq ft commercial site has the potential to be redeveloped into a colossal 50-storey landmark building at GPR 15 on par with the upcoming integrated skyscraper like CapitaSpring.
Ideally located amidst Raffles Place business hub and Boat Quay entertainment hub, it could potentially serve as an industry disruptor along STB’s visions too.
With more assessments from potential developers and with more features likely to be unearthed to add more value to the treasured site, 11, Collyer Quay is all set to become a grand landmark once again in the cityscape of Singapore TBD in 2020 after the previous historic ‘Alkaff Arcade’ (1909) and the present ‘The Arcade’ (1981).