Savills Singapore, as the exclusive marketing agent, is proud to offer for sale – Scotts Square, an iconic retail jewel nestled in the heart of Singapore’s prestigious Orchard Road shopping belt.
Developed and operated by Wheelock Properties (now known as Wharf Estates Singapore Pte. Ltd.) to a demanding standard and completed in 2011, Scotts Square is a boutique luxury retail mall integrated within a mixed-use development with 2 luxury high rise residential towers. Located at a strategic spot at the crossroads of Orchard and Scotts Road premier shopping belt, the property boasts a wide pedestrian promenade and a triple volume entrance. The property is arranged over basement 1 and levels 1, 2 and 3 and has a total gross floor area of approximately 130,875 sq ft. There are 88 car park lots in basement 2.
The property enjoys unrivalled connectivity and access to amenities and is within a 1-minute walk to Orchard MRT (NS22/TE14). It is also at the doorstep of the pedestrian underpass connecting ION, Wheelock Place, Shaw House & Tangs Plaza. The precinct consistently attracts a high level of footfall, catering to locals seeking an unparalleled retail experience, tourists exploring one of Asia’s most iconic shopping havens, and residents or expatriates from nearby luxurious Cairnhill residential enclave. Furthermore, the property is in close proximity to Mount Elizabeth Hospital (Orchard), a world-class medical facility that is popular with affluent locals and overseas patrons, especially from Indonesia, Malaysia and Thailand, for medical care.
In 2019, URA announced the revitalisation of Orchard Road district as a world-class lifestyle precinct. Increased emphasis has been placed on placemaking and increasing connectivity among the spaces and sub-precincts along Orchard Road. Upcoming developments include the redevelopment of Far East Shopping Centre, Ming Arcade and Tanglin Shopping Centre. With the planned rejuvenation of the Orchard district and activities intensifying, property owners can expect an increase in visitors and retail spending, further upside for rental growth and capital appreciation in the medium to long term.
A sale at this moment is timely for buyers to ride on the rejuvenation of Upper Orchard Road and the great shopping along the shopping street all year round particularly as visitor arrivals to Singapore are increasing rapidly and more PRC visitors are expected in 2024 as visa free travel will start soon.
Mr. Jeremy Lake, Managing Director, Investment Sales & Capital Markets at Savills Singapore says, “The prime Orchard Road precinct includes a small number of properties where ownerships is tightly held by REITs, large developers, and a few private owners. The opportunity to buy a freehold flagship retail property is very rare and we expect strong interest from buyers. Post-COVID, we have seen an increased interest from regional Ultra-High Net Worth buyers who like to invest in Singapore because it is a safe haven, and they like to invest here as part of their wealth preservation strategy. Recent hikes in the ABSD payable by foreigners for residential properties has resulted in foreign investors diverting their funds into the commercial property market.”
Mr Lake adds, “Scotts Square enjoys an approximately 50 metre frontage along Scotts Road and is highly visible. The buyer can reposition Scotts Square and curate a boutique flagship property attracting luxury designer, watch and jewellery brands with a Michelin-starred restaurant occupying the 3rd floor. There is significant potential to increase the NLA and the rents in Scotts Square and thereby increase the NOI.”
Potential buyers may also consider change of use, subject to all relevant approvals.
The guide price is S$450 million which is very palatable to a wide range of buyers and is expected to attract multiple bids.
The sale will be conducted through an Expression of Interest exercise which closes on Tuesday, 6 February 2024, at 3pm.