A strata portfolio comprising 59 shop units in Ming Arcade on Cuscaden Road is on the market for $51 million, announced marketing agent CBRE. The freehold units range from 140 sq ft to 334 sq ft and have a combined strata floor area of 11,410 sq ft. The guide price translates to $4,470 psf, and the 59 units offered represent 32.7% of the development’s total share value.
The 88-unit Ming Arcade is a seven-story strata-titled commercial building that was completed in the 1980s. It is behind the Orchard Rendezvous Hotel Singapore and beside Forum The Shopping Mall on Orchard Road. The portfolio has an “affordable quantum” and is expected to attract small- and mid-sized developers, family offices, real estate funds, and high net-worth individuals, says Jeremy Lake, managing director of capital markets at CBRE.
The 59 shop units in Ming Arcade have a price tage of $51 million, or $4,470 psf. (Picture: CBRE)
Ming Arcade sites on a 12,132 sq ft site that is zoned for commercial use and is not subject to the additional buyers stamp duty and sellers stamp duty, and is eligible to be purchased by local and foreign buyers. The site has a gross plot ratio of 4.2 and a maximum height of 20 storeys. Redevelopment options include medical suites, office and retail developments, as well as a mixed use commercial and residential project, subject to approvals. Recent strata medical suites at Gleneagles Medical Centre were sold for between $9,300 psf to $10,000 psf.
The portfolio is available via an Expression of Interest exercise which will close on Nov 21.