Savills Singapore, as the exclusive marketing agent, is pleased to announce the sale of Ming Arcade for S$172 million via the public tender exercise which closed on 15 December 2022.
Setting a new price benchmark in Singapore, this exceeds the previous price record of $2,910 per square foot (psf) per plot ratio (ppr) that Hong Kong-listed Shun Tak Holdings paid for Park House en bloc sale site in 2018.
The buyer of Ming Arcade is Royal Group of Companies, a Singapore-based Family Office with investment in a wide array of asset classes ranging from hospitality, office towers & retail, residential, industrial and conserved assets across the Asia Pacific region and beyond. Some of their notable assets are the Sofitel Singapore Sentosa Resort & Spa and Singapore’s upcoming second Raffles Hotel in Sentosa – an exclusive 62 villas’ only luxury hotel, amongst others. Founded by property magnate Asok Kumar Hiranandani, Royal Group of Companies plans to redevelop the site.
The Freehold 12,132 sq ft site is zoned ‘’Commercial’’ with an existing gross floor area of 55,046 sq ft, equivalent to plot ratio of 4.54, and has a height control of up to 20-storeys.
Situated at a corner plot along Cuscaden Road, Ming Arcade is a 7-storey commercial complex with 3 basement levels and a total of 88 strata units. Nestled within Orchard precinct – Singapore’s most prestigious enclave, the property is surrounded by luxury hotels and residential developments, such as the upcoming Artyzen Hotel, The Edition Hotel, Boulevard 88, Four Seasons Hotel and Four Seasons Park and St. Regis Hotel & Residences.
Royal Group of Companies’ Chairman, Asok Kumar Hiranandani and Co-Chairman, Bobby Hiranandani, said: “Ming Arcade used to be an urban and vibrant lifestyle hub back in the 1980s and we are pleased and eager to embark on the rejuvenation of this enclave of Orchard Road precinct and restore the grandeur it deserves. At Royal Group of Companies, we have set a track record of enhancing the districts in which we invest, develop and operate while looking forward to setting new heights.”
Jeremy Lake, Managing Director, Investment Sales & Capital Markets, said: “Savills is delighted to have achieved great outcome for all the owners of Ming Arcade. The transacted price is 34% above the Reserve Price and 14.8% higher than Tanglin Shopping Centre, which was also brokered by Savills at S$868 million, or S$2,769 psf ppr in February 2022. A large number of buyers evaluated Ming Arcade and we received multiple bids.”
The owners of Ming Arcade are represented by Mr Thomas Toh, the solicitor of CTLC Law Corporation.