21% interest in Orchard Towers up for grabs

The tender exercise will close on 27 February 2013.

According to a statment, Jones Lang LaSalle is presenting an opportunity to acquire a 21% strata interest in Orchard Towers comprising a total of 128,069 sq ft of strata area within 59 strata units.

Orchard Towers is a prime freehold mixed use development comprising of retail, office and residential in two separate towers located at the corner of Orchard Road and Claymore Road. Completed in 1973, the property has an existing strata area of 595,066 sq ft over 25 floors and 361carpark lots.

The offering represents the single largest interest in Orchard Towers, comprising of 21 retail units and 37 office units with a strata area of 7,449 sq ft and 70,536 sq ft respectively, located at the front tower along Orchard Road.

An additional single strata title of 50,084 sq ft of office space is located at the rear tower along Claymore Road. The interest is being offered for sale based on the entire interest of 59 strata units or separately in 3 lots i.e. retail, offices in the front tower and offices in the rear tower.

Ashish Manchharam, Regional Director at Jones Lang Lasalle comments “The strong interest from retail investors in the commercial office and retail strata market presents an opportunity to acquire on a bulk basis with a view to sell down individually in the future. Alternatively, the 21% interest could be held on a long term basis for income with future potential for a collective sale.”

The tender exercise will close at 3pm on 27 February 2013 (Wednesday).