The Ming Arcade, an eventful spot since the 1980s leave great memories of fashion and passion it brought about, by its presence on the prime Orchard Road shopping belt.
When collective sale attempts at Ming Arcade started as early as 2006, it was considered as a trailblazer in the area.
In the latest attempt, owners decided to launch for collective sale and expression of interest shall be close on Nov 21st, 2018 3 pm.
Marketing Agent, CBRE has been appointed for this sale.
Zoned for commercial use under Master Plan 2014, the Ming Arcade has been built at a site of 12, 132 sq ft.
The guide price of $51 million has been tagged for the 59 shop units that have been re-launched for collective sale.
They form nearly a third of the total share value. This works out a psf ppr of $4,470 per sq ft.
They occupy a floor area of 11,410 sq ft spread over ten floors including three at basement level. With a plot ratio of 4.2, the new structure could be redeveloped up to 20-storey.
CBRE is highly enthusiastic about the project. As the earlier developments situated at the front of Orchard Road have started to age, presently the stretch bustles with activity only from the junction of Orchard and Scotts.
However, restoration processes have already begun in the area with the Boulevard Hotel being redeveloped into the Singapore Edition, a stylish and lavish hotel in line with the present trend.
Another highlight is the development of a premium residential project involving a SC Global collaboration.
More developments like Artyzen Hotel and redevelopments like Park House are found behind Tanglin Shopping Centre.
No doubt, these projects would cast a spell over the entire neighbourhood shortly to emerge a more vibrant community like magic.
So, the Ming Arcade developers would have a wide range of options to consider for redevelopment.
Being right on the shopping belt, retail spaces are the obvious choice. However, with a myriad of amenities around, a mixed development could very well be considered.
They could also contemplate developing medical suites to cater the need of the region. Incidentally, Gleneagles Medical Centre in the area was able to cash its medical suites through an EOI recently, at rates between $9,300 psf and $10,000 psf.
Being a fully commercial development, it is unaffected by the SSD or the recent ABSD.
Further, it is available to both local and foreign investments without any hassles involved.
Mr. Jeremy Lake, the managing director of capital markets at CRBE believes that the Ming Arcade site is a rarest of rare opportunity available to any developer.
Situated on the coveted Orchard Road and surrounded with every facility anyone could ever imagine, it should be the perfect choice of a prudent developer to redevelop it into a brilliant structure.