There are 20 levels of office space in The Arcade along with a 2035 sq. m retail property. It enjoys 999 years of lease tenure which had begun in 1826.
As per the recommendations mentioned in the Draft Master Plan 2019, this property has been marked as “commercial” and has a GPR (gross plot ratio) of 15.
Integrated development can happen in this commercial property which can comprise of residential units, hotel, and retail and office spaces.
Colliers International, the marketing agents overlooking the sale said that it can be transformed into a 50-storey skyscraper offering panoramic views of Downtown skyline as well as Marina Bay.
It enjoys dual frontage and faces Collyer Quay and Raffles Green and is conveniently accessible from the Pan Island Expressway, Marina Central Expressway and many other expressways. The Raffles Place MRT interchange station is also close by.
The MD of Colliers International, Tang Wei Leng said that this collective sale with act as a golden opportunity for developers to reclaim a historic property right at the heart of Singapore’s commercial district in the ever changing and evolving Raffles Place.
She added that there is hardly another property in the Raffles Place that has redevelopment opportunities such as The Arcade’s. With its 999-yr tenure advantage, it should be a sought-after property, Leng said.
The Arcade’s collective sale Public tender will close by the 8th January, 2020, 3:00 PM.