Church in S$54.5 million purchase of 19,289 sq ft retail space in Orchard Towers

ABOUT 19,000 square feet (sq ft) of retail space on the fourth level of the freehold Orchard Towers is being sold for S$54.5 million.

The price works out to S$2,825 per square foot based on a total strata area of 19,289 sq ft.

Under a sale and purchase agreement inked about two weeks ago, the property is being bought by Cornerstone Heritage, whose shareholders include Yang Tuck Yoong and Daphne Yip. The couple are the founders and senior pastors at Cornerstone Community Church. The remaining shareholder, Timothy Chong, is also a pastor at the church.