An Orchard Road asset back in play, and how the retail game may be changing

FAR East Shopping Centre is back in play. An offer is in hand for the Orchard Road retail property that was put back on the market after an earlier deal unravelled, Ry-Anne Lim reports. 

A meeting has been called to secure the owners’ agreement to the price, said to have come in under S$900 million or about 5 per cent lower than the original guide price. The math on the deal changed when the Urban Redevelopment Authority rejected an earlier proposal submitted under an incentive scheme that would have yielded 20 per cent more floor area as a bonus. 

Two other Orchard area assets were put up for sale in the past few months. Scotts Square, asking S$450 million, has yet to close a deal. Delfi Orchard, asking S$438 million, closes its tender at the end of the month.