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The property, which comprises 127 office and retail units, sits on a 2,035.4 sq m site that is zoned commercial under the 2019 Draft Master Plan with a gross plot ratio of 15.
The Arcade, a 20-storey office and retail property at 11 Collyer Quay in District 1, has been put up for collective sale carrying a reserve price of $780 million, revealed marketing agent Colliers International.
This works out to a land rate of around $2,840 per sq ft per plot ratio (psf ppr).
The property, which comprises 127 office and retail units, sits on a 2,035.4 sq m site that is zoned commercial under the 2019 Draft Master Plan with a gross plot ratio of 15.
With a land tenure of 999 years, the site could be redeveloped into an integrated development, comprising residential units, a hotel, office and retail space, subject to the approval of relevant authorities.
The site enjoys dual frontage to Raffles Green and Collyer Quay as well as convenient access to the Pan Island Expressway, Marina Central Expressway and other major expressways. It also has immediate access to the Raffles Place MRT interchange station.
Nearby developments include Ocean Financial Centre, One Raffles Place, Republic Plaza and OUE Bayfront.
Colliers noted that a developer could redevelop the site to feature a 50-storey skyscraper with views of the Marina Bay and the new Downtown.
“The Arcade is a landmark site that has borne witness to the remarkable transformation of Singapore and its economy over the past 50 years. Developers will now get the rare chance to redevelop the site – creating a new focal point of interest – and reshape the Singapore city skyline,” said Tang Wei Leng, Managing Director at Colliers International.
The en bloc sale tender for The Arcade closes on 7 July.
In the event of a successful sale, each owner could receive between $700,000 and $29.9 million, depending on the size of their property.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg