The Ming Arcade on 21 Cuscaden Road is now up for public tender. The freehold commercial property includes 88 units and a validated development baseline of 55,046 square feet, or a plot ratio of 4.54, according to a press statement from Savills Singapore, the exclusive marketing agency for this transaction.
A premier development in the most sought-after area in Singapore, Ming Arcade is a once-in-a-lifetime opportunity for developers. Savills Singapore’s managing director of investment sales and capital markets, Jeremy Lake, is certain that Ming Arcade would sell for more than $140 million.
The price per square foot equates to $2,542. Considering the “palatable” pricing, Savills anticipates a great deal of interest from ultra-high net-worth purchasers and family offices in Asia. According to Savills, this is the only commercial property on Orchard Road now up for grabs.
The current Master Plan designates the 12,132 square foot property where Ming Arcade is located as “commercial,” with a height limit of up to 20 stories. This location is located only 50 meters from the heart of the bustling retail district on Orchard Road. Savills reports that, with the right permits in place, the land has the potential to house a hotel and/or apartments in the near future.
According to Lak, “the purchaser would have the freedom and opportunity to construct an iconic mixed-used development along Singapore’s most prominent street.”
In 1982, construction was finally finished on the seven-story structure. The building’s architecture was recognized with a Design Merit Award from the Singapore Institute of Architects in 1983. The Rainbow Lounge, founded by poet, doctor, and writer Goh Poh Seng in the 1980s, was one of the most popular spots in Ming Arcade.
The area around the property is rapidly becoming more and more populated with high-end hotels and apartments, such as the forthcoming Artyzen Hotel, The Edition Hotel, Boulevard 88, Four Seasons Hotel, Four Seasons Park, and St. Regis Hotel & Residences.
Nearby Tanglin Shopping Centre, which changed hands in a collective sale for $868 million in February of this year, is Ming Arcade. Savills acted as the deal’s marketing agency. Lake argues that the Orchard neighborhood is so desirable because of the successful enbloc at Tanglin Shopping Centre, which was arranged by Savills in February 2022.
On December 15th, the Ming Arcade tender will conclude.
