The Arcade En Bloc Sale Tender Extended to March 5, 2020

The Arcade En Bloc Sale Tender Extended To March 5, 2020

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.

The Arcade Located Within Raffles Place Singapore
Developer Has the Golden Opportunity to Build a New Skyscraper at Raffles Place Singapore, the Bustling Commercial District. The Arcade is the Only En Bloc Site launch for sale in CDB for Redevelopment.

New Skyscraper at Raffles Place

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.

Subject to relevant approvals, it could include office, retail, residential and hotel components to satisfy URA’s vision of live, work, play concept for 24/7 activity in the new development.

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).

See The Arcade Previous news: The Arcade En Bloc 2020
The Arcade Singapore En Bloc Details

Tenure: 999-year Leasehold

Land Size: 21,909 square feet

Total Units: 127

Nearest MRT: Raffles Place (Doorstep)

Gross Plot Ratio: 15

Address: 11 Collyer Quay

District: 1

Marketing Agent: Colliers International

Reserve Price: S$780 million
S$2,840 psf ppr

Status: For Sale

Tender Close: January 8, 2020

Tender Extended: March 5, 2020

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