Delfi Orchard Sold En Bloc – Record Price (S$3,346 psf ppr)

Delfi Orchard Sold En Bloc At Record Price (S$3,346 psf ppr)

Delfi Orchard Achieves a Record-Breaking Collective Sale in the Orchard Road Revitalisation Effort

The Land Price, Standing at S$3,346 Psf Ppr, Sets a Record as The Most Expensive Acquisition in The History Of Singapore’s Collective Sales

In a landmark transaction that signals a major rejuvenation for Orchard Road, Delfi Orchard has been sold in a collective sale to City Developments Ltd. (CDL) for an impressive S$439 million.

This sale not only surpasses the initial guide price of S$438 million but sets a new benchmark in the Orchard Road commercial zone, which has not seen such a significant collective sale since Ming Arcade in December 2022.

The acquisition by CDL, which already owned a substantial 84% stake in Delfi Orchard, marks a strategic expansion of its holdings along the prestigious shopping street.

The commercial property, comprising 150 strata-titled units, including 127 shops and 23 apartments, is situated on a 20,264 sq ft freehold site.

The sale price translates to a land rate of S$3,346 per square foot per plot ratio (psf ppr), incorporating a land betterment charge and based on the site’s existing gross floor area (GFA) of 131,186 sq ft.

Potential Redevelopment under the SDI Scheme

CDL’s Group CEO, Sherman Kwek, expressed enthusiasm about the potential to fully develop this prime asset, hinting at the possibility of utilizing the government’s Strategic Development Incentive (SDI) Scheme.

This scheme allows for up to a 20% increase in GFA if a property owner collaborates with neighboring buildings for a joint revamp, fitting seamlessly into plans for a broader revitalization of the Orchard Road area.

Jeremy Lake, Managing Director of Investment Sales and Capital Markets at Savills Singapore, highlighted the continued attraction of developers to prime opportunities in the area, spurred by the Urban Redevelopment Authority’s (URA) initiatives to refresh Orchard Road.

We anticipate this sale to play a crucial role in the transformation efforts, potentially paving the way for future developments.

Apartment owners at Delfi Orchard will pocket between S$2.2 million and S$4.6 million each from the sale, while commercial unit owners will receive amounts ranging from roughly S$984,000 to S$24 million.

Looking Forward

The successful collective sale of Delfi Orchard is a testament to the robust demand and high valuation benchmarks within this premium shopping district.

It underscores Orchard Road’s enduring appeal as a vibrant commercial hub, poised for further growth and development.

The closing of this significant deal is scheduled for the end of May, marking a major milestone in the ongoing evolution of one of Singapore’s most iconic locales.

Singapore’s Orchard Road Sees Unprecedented Record-Breaking Collective Sales

Singapore’s premier shopping district, Orchard Road, continues to make headlines with a series of unprecedented record-breaking collective sales.

Here’s a look at the major transactions reshaping this iconic locale, ranked by their per square foot per plot ratio (psf ppr).

Top Record Collective Sales Around Orchard Road District

Delfi Orchard Sold En Bloc – Record Price (S$3,346 psf ppr)
Ming Arcade En Bloc Sold to Royal Group at Record Price - S$3,125 psf ppr!
Park House Sold at Record Price
Tanglin Shopping Centre En Bloc Sold To Pacific Eagle Real Estate Instagram

Delfi Orchard Sets the Stage for a New Benchmark (S$3,346 psf ppr)

Leading the charge in Orchard Road’s real estate transformation is the sale of Delfi Orchard.

Positioned at the gateway to Singapore’s most famous shopping street, Delfi Orchard is attracting immense attention with its strategic location and significant redevelopment potential.

The anticipated sale price aims to set a new record in the area, reflecting the high value developers place on this prime property.

Ming Arcade: A Royal Acquisition at (S$3,125 psf ppr)

Ming Arcade follows closely, with its acquisition by the renowned Royal Group for S$3,125 psf ppr.

This purchase not only underscores the sustained investor interest in Orchard Road but also heralds the future development of the site into a luxury mixed-use complex.

The Royal Group’s reputation for premium developments guarantees an exciting redevelopment that will enhance the district’s upscale allure.

Park House: Historic Sale Marks Third Highest (S$2,910 psf ppr)

The historic sale of Park House, which fetched S$2,910 psf ppr, marks the third-highest transaction on Orchard Road.

Hong Kong-listed Shun Tak Holdings plans to transform the site into a luxury residential haven.

This en bloc sale highlights the strategic importance of location and architectural significance in attracting top-tier developers and investors.

Tanglin Shopping Centre Sold at (S$2,769 psf ppr)

Lastly, Tanglin Shopping Centre was acquired by Pacific Eagle Real Estate for S$2,769 psf ppr.

This transaction not only rounds out the list of top sales but also signifies a strategic expansion for Pacific Eagle.

The redevelopment plans for Tanglin Shopping Centre are expected to further elevate Orchard Road’s status as a global shopping and lifestyle hub.

Orchard Road’s Ongoing Transformation

These transactions reflect a trend of significant investment in Orchard Road, signaling a bullish outlook on the future of this prime district.

As each of these sites undergoes transformation, they are set to redefine luxury living and retail experiences, ensuring Orchard Road remains at the forefront of global retail and residential desirability.

The record prices being achieved in these collective sales underscore the undiminished appeal of Orchard Road as a vibrant commercial and lifestyle destination in the heart of Singapore.

Delfi Orchard En Bloc Sale Details

  • Status: SOLD

  • Tenure: Freehold

  • Land Size: 20,264 sq ft

  • Plot Ratio: 6.474 (commercial)

  • Total Units: 150

  • Property Address: 402 Orchard Road

  • District: 9

  • Singapore Region: Core Central Region (CCR)

  • Nearest MRT: Orchard

  • Marketing Agent: Savills Singapore

  • Reserve Price: S$438 million

  • Sale Price: S$439 million

  • Date of Sale: May 2024

  • Buyer: City Developments Ltd (CDL)

  • New Development: TBA

Recent En Bloc Properties Sold

  1. Delfi Orchard (Record Price)
  2. Noel Building
  3. Shenton House
  4. Kew Lodge 
  5. GSM Building 
  6. GS Building