Major Orchard mall up for sale - 1 views

• 
  #1 Roxana Baxter on 12 Jan 14

   

  A prominent Singapore retail mall has been launched for sale by expression of interest. Marketed by Knight Frank Singapore, 228 Orchard Road sits on a land area of 824.55 sq m (approx. 8,875 sq ft). Under the 2008 Master Plan, the site is designated as �Commercial� with a Gross Plot Ratio (GPR) of 4.9+. As the whole site falls within the 200 metre radius around the Somerset MRT Station box, an additional 10 percent variable bonus plot ratio is allowed, which works out to a maximum permissible plot ratio of 5.39. The five-storey retail mall with three basement levels is currently leased to Courts (Singapore) Pte Ltd on an approximately floor area of just under 45,000 sq ft. The subject property is located along the main shopping and entertainment belt Orchard Road with Somerset MRT Station less than 100 metres away. Orchard Road remains one of the most highly visited tourist attractions in the country despite the additions of new attractions in Singapore. The Singapore government had recently spent $40 million on general enhancement works to improve the pedestrian experience. Ian Loh, Director and Head of Investment and Capital Markets, Knight Frank Singapore, said: �Most retail malls remain tightly held and a prime freehold retail mall along Orchard Road is hard to come by. This opportunity offers investors a chance to own a prime asset along Orchard Road shopping corridor. �It is also suitable for retailers who are looking to set up a flagship retail store with an exciting concept in mind.� Resale prices of freehold commercial units in the vicinity have fetched approximately $6,500 psf to $7,200 psf for Far East Plaza, $3,700 psf to $8,600 psf for Lucky Plaza and $2,500 to $4,900 psf for Orchard Towers in the last six months. The Expression of Interest closes on Friday, February 14, at 12pm. This article was written by Andrew Batt, International Group Editor of PropertyGuru Group. To contact him about this or other stories email andrew@propertyguru.com.sg

   

  <div class="cArrow"> </div><div class="cContentInner">A prominent Singapore retail mall has been launched for sale by expression of interest. Marketed by Knight Frank Singapore, 228 Orchard Road sits on a land area of 824.55 sq m (approx. 8,875 sq ft). Under the 2008 Master Plan, the site is designated as �Commercial� with a Gross Plot Ratio (GPR) of 4.9+. As the whole site falls within the 200 metre radius around the Somerset MRT Station box, an additional 10 percent variable bonus plot ratio is allowed, which works out to a maximum permissible plot ratio of 5.39. The five-storey retail mall with three basement levels is currently leased to Courts (Singapore) Pte Ltd on an approximately floor area of just under 45,000 sq ft. The subject property is located along the main shopping and entertainment belt Orchard Road with Somerset MRT Station less than 100 metres away. Orchard Road remains one of the most highly visited tourist attractions in the country despite the additions of new attractions in Singapore. The Singapore government had recently spent $40 million on general enhancement works to improve the pedestrian experience. Ian Loh, Director and Head of Investment and Capital Markets, Knight Frank Singapore, said: �Most retail malls remain tightly held and a prime freehold retail mall along Orchard Road is hard to come by. This opportunity offers investors a chance to own a prime asset along Orchard Road shopping corridor. �It is also suitable for retailers who are looking to set up a flagship retail store with an exciting concept in mind.� Resale prices of freehold commercial units in the vicinity have fetched approximately $6,500 psf to $7,200 psf for Far East Plaza, $3,700 psf to $8,600 psf for Lucky Plaza and $2,500 to $4,900 psf for Orchard Towers in the last six months. The Expression of Interest closes on Friday, February 14, at 12pm. This article was written by Andrew Batt, International Group Editor of PropertyGuru Group. To contact him about this or other stories email andrew@propertyguru.com.sg</div>

  ...

  Cancel

To Top