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A total of 59 freehold shop units in Ming Arcade (pictured) have been put up for sale with a guide price of $51 million, or $4,470 psf, revealed marketing agent CBRE.
With 88 strata shop units, Ming Arcade is a seven-storey strata-titled commercial building that was completed in the 1980s. It is located near the junction of Cuscaden Road and Orchard Road, close to various medical facilities such as Camden Medical Centre and Gleneagles Medical Centre and Hospital.
Ming Arcade sits on a 12,132 sq ft site zoned commercial under the 2014 Master Plan with a gross plot ratio of 4.2 and a building height limit of 20 storeys. “Up to the approved gross floor area (GFA) of 55,046 sq ft for commercial use, no development charge is payable,” said CBRE.
The shops are spread across every storey of the development, with sizes ranging from 140 to 334 sq ft. With a combined strata floor area of around 11,410 sq ft, the shop units account for 32.7 percent of the total share value of the development.
CBRE capital markets managing director Jeremy Lake expects the shop units to receive strong interest “as the affordable quantum makes it attractive to small and mid-sized developers as well as family offices, real estate funds and high net worth individuals who are seeking capital appreciation in the medium to long term”.
“Furthermore, as the portfolio is zoned ‘commercial’, it is not subject to Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD), and are eligible for purchase by local and foreign buyers,” he added.
The expression of interest exercise for the shop units will close on 21 November.
Photo: CBRE
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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