Far East Shopping Centre Sold En Bloc To Du Shuanghua Facebook

Far East Shopping Centre Sold En Bloc To Tycoon Du Shuanghua For S$908 Million

Far East Shopping Centre Made Headlines and Sent Shockwaves Across the Commercial Real Estate Scene in Singapore

The Land Price of S$3,350 psf ppr Occupies the Top Spot as the Most Expensive Site to Acquire in The Singapore Collective Sale History

The commercial heart of Singapore, Orchard Road, witnesses another monumental real estate transaction as Chinese tycoon Du Shuanghua bags the Far East Shopping Centre.

This acquisition, totalling approximately $908 million, was facilitated through his financial arm, Glory Property Development, an offshoot of the Singapore-based Bright Ruby Resources.

The financial intricacies of this deal are equally impressive. The acquisition stands at roughly $3,350 psf per plot ratio (psf ppr), considering the vast 290,574 sq ft of potential gross floor area.

This transaction was ingeniously navigated under the Strategic Development Incentive (SDI) scheme, with Michael Tay from CBRE playing a pivotal role in sealing the deal.

Orchard Road’s Vibrant Evolution

CBRE’s Michael Tay fondly recalls the transformation of Grand Park Orchard into the lavish 308-room Pullman Singapore Orchard, spearheaded by the Accor Group.

Moreover, the former residence of Abercrombie & Fitch now showcases Singapore’s grandest Adidas store. Apple Store, Rolex, and The Hour Glass are other prime occupants adding to Orchard Road’s glamour.

Bright Ruby’s keen vision on global prime assets and their expertise in enhancing them is evident. “Their knack for rejuvenation will undoubtedly redefine Orchard Road’s landscape,” Tay opines.

The Facelift of the Far East Shopping Centre

Located strategically at 545 Orchard Road, the Far East Shopping Centre flaunts a stunning 75-meter frontage facing Orchard Road and another 55-meter frontage towards Angullia Park.

Sitting in the coveted District 9, this commercial treasure spans 36,014 sq ft with a historic 999-year lease, dating back to 1871.

With Du at the helm, the centre is poised to metamorphose into a commercial powerhouse, blending retail, hospitality, offices, and residences.

This transformation aligns with URA’s vision of turning specific Orchard Road stretches into dazzling destinations.

The Far East Shopping Centre is earmarked among six such buildings, promising a more vibrant Orchard Road.

SDI’s Attractive Offering and Orchard Road’s Revamp

The SDI scheme, introduced in April 2021, has already incentivized numerous property owners to infuse fresh life into their assets.

Owners collaborating with neighbors for a collective redevelopment stand to gain a 20% bonus in gross floor area (GFA), among other benefits.

Far East Shopping Centre’s acquisition price sets a new benchmark, outdoing the previous record held by Ming Arcade.

This vibrancy in commercial property transactions, including significant deals like Pacific Eagle Real Estate’s acquisition of Tanglin Shopping Centre, emphasizes the ongoing renaissance of Orchard Road.

In essence, as Singapore’s Orchard Road undergoes a significant metamorphosis, Bright Ruby Resources and tycoons like Du Shuanghua are at the forefront, crafting the future of commercial real estate.

Far East Shopping Centre Sold En Bloc To Tycoon Du Shuanghua For S$908 Million

Some Developments Are Born To Made History, Far East Shopping Centre is One of Them

Pullman Singapore Orchard, former site of Grand Park Orchard is the latest Hotel Development in the Orchard Road District

Pullman Singapore Orchard, former site of Grand Park Orchard is One of the latest Hotel Development in the Orchard Road District

Orchard Road Under Revamp

To Adapt To Changing Retail Trends and Consumer Behaviour, Singapore’s Orchard Road is Focusing on ‘Experiential’ Retailing, Enhancing Public Spaces and Infrastructure, and Leveraging Its Unique Greenery To Create A More Interconnected, Pedestrian-Friendly Shopping Precinct

Du Shuanghua: A Major Investor Shaping Global Real Estate

When it comes to the world of investment, few names have risen with as much prominence and influence as Du Shuanghua.

The Chinese steel magnate’s journey from the ferrous industry to becoming a behemoth in the global real estate sector is nothing short of inspirational.

This article dives deep into Du’s significant investments, emphasizing how he’s become an instrumental figure in the property world.

  • From Steel to Stone: Du’s Diverse Portfolio

    Du Shuanghua, initially known for his vast empire in the steel industry, astutely diversified into real estate, seeing the potential and stability it offered. His acumen led him to some of the most lucrative deals in the property market, spanning multiple continents.

  • Far East Shopping Centre: A Jewel in the Crown

    Perhaps one of the most buzzworthy acquisitions in recent times is Du’s purchase of the Far East Shopping Centre in Singapore. At an eye-watering S$908 million, this investment, facilitated through his investment vehicle under Bright Ruby Resources, has further solidified his position in the Singaporean market.

  • A Keen Eye for Prime Real Estate

    But Singapore isn’t the only country where Du has left his mark. From the Grand Park Orchard and its retail podium in Knightsbridge a decade ago to the Marriot Champs-Elysees in Paris and the Hilton Hotel in Sydney, his portfolio is both extensive and impressive.

  • Not Just a Buyer: A Visionary Developer

    What sets Du Shuanghua apart is not just his purchasing power but his vision for redevelopment. His properties undergo significant enhancements, turning them into commercial hubs or luxury residences. For instance, the former Grand Park Orchard underwent an extensive transformation and emerged as the Pullman Singapore Orchard in 2022.

Global Recognition and Future Endeavours

Du’s impact isn’t confined to Asia. His acquisitions in major global cities like Paris, Sydney, and Tokyo have earned him recognition as a key global player. Given his track record, the commercial property world waits with bated breath for his next move.

Du Shuanghua’s meteoric rise in the real estate world is a testament to his sharp business acumen, vision, and risk-taking ability.

As he continues to shape city skylines and redefine luxury standards, one thing is clear: Du is not just a major investor but a formidable force in the global real estate market.

Prime Orchard Road District: Record-breaking Collective Sale

All the Record Collective Sale Land Price Happened Around the Prime Orchard Road District of Singapore

The heartbeat of Singapore’s luxury retail, Orchard Road, has always been a hotbed for real estate developments.

However, in recent times, the collective sale fever has reached fever pitch, with record-breaking en bloc transactions making headlines and reshaping the landscape of this prime district. Let’s delve into the biggest transactions that have stirred up the Orchard Road district:

Far East Shopping Centre Sold En Bloc To Tycoon Du Shuanghua For S$908 Million

Far East Shopping Centre Fetches Astounding S$3,350 psf ppr

At the pinnacle of these transactions is the en bloc sale of the Far East Shopping Centre, which was snapped up at a staggering S$3,350 psf ppr.

Such an incredible price not only signals bullish sentiments in the market but also showcases the undying allure of Orchard Road’s prime real estate.

Ming Arcade En Bloc Sold to Royal Group at Record Price - S$3,125 psf ppr!

Ming Arcade En Bloc Sold to Royal Group: New Heights at S$3,125 psf ppr

Hot on the heels of the Far East Shopping Centre sale, the Ming Arcade was acquired en bloc by the renowned Royal Group.

The transaction, which clinched a record price of S$3,125 psf ppr, underscores the sustained appetite for prime properties in this area.

Given the Royal Group’s reputation for premium developments, the future of this site is undoubtedly exciting.

Park House Sold at Record Price

Park House’s Historical Sale: A Close Third at S$2,910 psf ppr

Orchard property Park House too witnessed a historic collective sale, fetching an impressive S$2,910 psf ppr.

Park House’s strategic location, coupled with its unique architectural significance, made it a prized catch for Hong Kong-listed Shun Tak Holdings, which plans to transform it into a luxury residential haven by 2023.

Tanglin Shopping Centre En Bloc Sold To Pacific Eagle Real Estate Instagram

Pacific Eagle Real Estate Acquired Tanglin Shopping Centre for S$2,769 psf ppr

Rounding off our list is Pacific Eagle Real Estate’s successful bid for the prime site at Tanglin Shopping Centre.

Acquiring it for S$868 million, or S$2,769 psf ppr, this transaction further demonstrates the undying allure of the Orchard Road district.

Given Pacific Eagle’s renowned global footprint, we can expect a landmark development that will further elevate Orchard Road’s status.

In conclusion, the Orchard Road district continues to captivate developers and investors alike.

As these prime sites transition into their next phases, we’re poised to witness a transformation that will not only reshape the skyline but also redefine luxury living and retail experiences in Singapore.

It’s clear; the future of Orchard Road remains as bright as ever!

The Third Commercial Site That Sold En Bloc in 2023

In 2023, Singapore’s commercial real estate sector will see a surge in en bloc sales, with the GS Building in Lorong Ampas, the GSM Building and the Far East Shopping Centre all contributing to the market’s growth.

JVA Venture set the stage for the year by purchasing the GS Building for S$67 million.

Later, LHN’s Coliwoo paid S$80 million for the GSM Building, cementing 2023’s reputation as a hub for en bloc sales.

The Far East Shopping Centre was sold for S$908 million, showcasing the region’s potential and the confidence of investors like Du Shuanghua and Bright Ruby Resources.

The en bloc market is expected to continue growing, with investors, property owners, and industry enthusiasts eagerly anticipating the next major deal.

With the latest Far East Shopping Centre Sale, the collective sales in Singapore had reached over S$1.6 billion. (Total of 6 Sites Have Been Sold, See En Bloc Sold List)

Far East Shopping Centre En Bloc All Details
  • Status: SOLD

  • Tenure: 999-year leasehold

  • Land Size: 36,014 sq ft

  • Gross Floor Area: 242,145 sq ft

  • Gross Plot Ratio: 4.9

  • Property Address: 545 Orchard Road

  • District: 9

  • Singapore Region: Core Central Region (CCR)

  • Nearest MRT: Orchard

  • Marketing Agent: CBRE

  • Reserve Price: S$928 million

  • Sale Price: S$908 million

  • Date of Sale: September 2023

  • Buyer: Bright Ruby Resources

  • New Development: TBA