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59 shop units at Ming Arcade up for sale with S$51m guide price
59 freehold shop units of Ming Arcade, a freehold commercial building near the junction of Orchard Road and Cuscaden Road, has been made available for sale through an expression of interest (EOI) exercise with a guide price of S$51 million, or about S$4,470 per square foot, marketing agent CBRE said on Monday.
Completed in the 1980s, Ming Arcade is a seven-storey strata-titled commercial building with three basement storeys with a total of 88 strata shop units. It is in the vicinity of the Orchard Road shopping belt and in the proximity of a number of private medical facilities including the Camden and Gleneagles medical centres.
The shop units for sale span across all storeys and have sizes that range from 140 to 334 sq ft each. Together, the combined strata floor area is about 11,410 sq ft and is about 32.7 per cent of the development’s total share value.
Under the Urban Redevelopment Authority's (URA) 2014 Master Plan, the 12,132 square feet site is zoned "commercial" with a gross plot ratio of 4.2 and a maximum height of 20 storeys, CBRE said. Up to the approved gross floor area (GFA) of 55,046 sq ft for commercial use, no development charge is payable, the marketing agent added.
Said Jeremy Lake, managing director, capital markets, CBRE: “The portfolio presents a rare opportunity for investors to gain a foothold in the prime Orchard Road vicinity. At the guide price of S$51 million (approximately S$4,470 psf), we expect 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."
The EOI exercise closes on Nov 21 at 3pm.