|By Marketwired .||
|January 22, 2014 04:16 AM EST||
SINGAPORE -- (Marketwired) -- 01/22/14 -- Colliers International is putting up for sale by tender, The Arcade, a 20-storey strata-titled retail-cum-office development located at 11 Collyer Quay, Singapore.
The tender closes on 19 March 2014, at 3 pm.
The Arcade occupies a prime site of 21,909 sq ft in the Central Business District (CBD) with a 999-year leasehold tenure. Under the 2008 Master Plan, the site is zoned for "Commercial" use with a plot ratio of 13.86 and a building height of up to 50 storeys.
Built in 1981, The Arcade comprises 3 levels of retail units, 16 levels of office space and a basement carpark. The maximum allowable gross floor area is 303,657 sq ft and the total strata area is 157,325 sq ft.
There is re-development potential for the site, as the existing plot ratio has not been maximised.
Ms Tang Wei Leng, Executive Director of Investment Services at Colliers International, says, "This is a rare opportunity for both local and foreign investors, given the scarcity of strata-titled mixed developments available for sale in Singapore.
"We envisage a mixed-used development comprising four levels of retail shops, including a basement level. Carpark facilities could occupy Level 4-6 and offices/serviced apartments from Level 7 onwards."
She adds, "We expect good demand for both the retail and office units, if made available on a strata basis. Based on recent transactions of office and retail units in the CBD -- Eon Shenton, Oxley Tower, Samsung Hub and SBF Centre, office space in the new development is expected to be priced at above S$3,500 psf, while retail space at above S$12,000 psf. The current asking prices for the retail units at The Arcade are already approaching S$10,000 psf, with the highest transaction achieved in January 2011at S$7,263 psf."
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research.
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