The Arcade in Raffles Place to be tendered for $780m
The property’s management team says the building needs a revamp.
Commercial real estate service Colliers International announced that The Arcade at 11 Collyer Quay in District 1 will be put up for collective sale via tender for $780m, starting 14 November 2019.
The reserve price of $780m translates to an estimated land rate of $2,833 per square foot per plot ratio (psf ppr). The property sits on a 2,035.4 square metre site with a 999-year land tenure, having built in April of 1826.
Developers will now get the chance to redevelop the site, with a potential to be created into a mixed-use space comprising a comprising a hotel, residential unit, office and retail space, said Tang Wei Leng, managing director at Colliers.
Under the Draft Master Plan 2019, The Arcade site is zoned Commercial with a Gross Plot Ratio of 15. The property boasts of 20 storeys, carrying a total of 127 office and retail units.
The site has dual frontage onto Raffles Green and is surrounded by many prominent buildings – including Ocean Financial Centre, Republic Plaza, One Raffles Place, OUE Bayfront and the upcoming Capita Spring - a gathering place of executives and professionals in Raffles Place.
Depending on the size of their property, each owner could stand to receive between SGD700,000 and SGD29.9 million from the successful sale of the development.
The collective sale tender for The Arcade will close at 3pm on 8 January 2020.