The 11-storey complex comprises 150 strata-titled units - 127 shops and 23 apartments - of which 126 are owned by CDL.
Situated at 402 Orchard Road, it sits on a 20,264 sq ft freehold site zoned for commercial use, with height control of up to 20 storeys.
At the $438 million guide price, the property is being marketed at about $3,397 per sq ft per plot ratio (psf ppr), assuming full commercial use, said marketing agent Savills Singapore on April 18.
This would include a land betterment charge of $7.6 million, and is based on redevelopment of up to 131,186 sq ft the site's approved development baseline.
The most recent commercial deal done en bloc in the Orchard area was for freehold commercial complex Ming Arcade, which was sold for $172 million in December 2022. The sale price worked out to $3,125 psf ppr, marking a recordhigh land rate in the market.
Earlier in 2022, freehold Tanglin Shopping Centre was sold for $868 million, or $2,769 psf ppr, to the Tanoto family's Pacific Eagle Real Estate.
Denne historien er fra April 19, 2024-utgaven av The Straits Times.
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Denne historien er fra April 19, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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