En bloc sale for The Arcade in the offing

A PRIME albeit small commercial site in Raffles Place, The Arcade, on a site of about 21,900 sq ft, could be put up for collective sale soon.

Word on the street is that the price tag for the 20-storey office-and-retail building is around $3,000 per square foot per plot ratio (psf ppr), inclusive of development charges of $100 million-plus. This would suggest The Arcade's owners stand to pocket around $800 million.

Property group City Developments owns nearly 47,500 sq ft of space in the building, according to its annual report. This translates to slightly more than 30 per cent of the building's total strata area of about 157,300 sq ft and 30-plus per cent of share value, making it the biggest owner.