Tender begins for The Arcade at 11 Collyer Quay

Offers can be made till March 19.

Colliers International announced that it 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."