Ming Arcade, a freehold project completed in 1982, was put up for sale by public tender on the 15 Nov 2022 at an asking price of more than $140m or S$2,542 per square foot per plot ratio.
On 15 Dec 2022, Ming Arcade was successfully sold via collective sale to property investment chain Royal Group for $172 million, or $3,125 per sq ft per plot ratio (psf ppr).
The buyer can carry out asset enhancement initiative works or redevelop the site into a new upscale development comprising luxury hotel, retail, office and residential spaces
As per the URA Master Plan, Ming Arcade is on a Commercial zoned land, with plot ratio 4.2
16 Dec 2022
FREEHOLD commercial site Ming Arcade has been sold for S$172 million by a public tender exercise which closed on Dec 15.
The sale price translates to S$3,125 per square foot per plot ratio (psf ppr), and well exceeds exclusive marketing agent Savills Singapore’s estimate of “more than S$140 million” when the property was put up for sale in mid-November.
In a press statement on Friday (Dec 16), Savills highlighted that the sale price breaks the previous price record of S$2,910 psf ppr paid by Hong Kong-listed Shun Tak Holdings for Park House’s en-bloc sale site in 2018.
It also beats the property’s reserve price by 34 per cent, according to Savills, who said it received multiple bids after a “large number of buyers” evaluated the site.
Ming Arcade’s owners are represented by Thomas Toh, solicitor of CTLC Law Corporation.
The buyer is the Royal Group of Companies, a Singapore-based, single-family office founded by its chairman Asok Kumar Hiranandani. The company intends to redevelop its newly-purchased site.
16 Dec 2022
Ming Arcade, which used to house The Rainbow Lounge, a theatre disco lounge set up by Singapore literary pioneer Goh Poh Seng, was sold on Thursday via collective sale to property investment chain Royal Group for $172 million.
This works out to a $3,125 per sq ft per plot ratio (psf ppr), a new benchmark price exceeding the previous record of $2,910 psf ppr when a unit of Hong Kong-listed Shun Tak Holdings paid $375.5 million for freehold Park House in Orchard Boulevard in 2018.
Marketing agent Savills Singapore said that Ming Arcade received multiple bids. “The transacted price is 34 per cent above the reserve price and 14.8 per cent higher than that of Tanglin Shopping Centre, which was also brokered by Savills, at $868 million, or $2,769 psf ppr, in February this year,” said Mr Jeremy Lake, Savills’ managing director for investment sales and capital markets.
The seven-storey, 88-unit freehold commercial complex near the junction of Cuscaden Road and Orchard Road was built by Ming Arcade, a subsidiary of People’s Park Development that was owned by the late property developer Ho Kok Cheong.
15 Nov 2022
MING Arcade, a freehold project completed in 1982, has been put up for sale by public tender. Exclusive marketing agent Savills Singapore said on Tuesday (Nov 15) that they were “very confident that Ming Arcade will be sold for more than S$140 million”.
This works out to about S$2,542 per square foot per plot ratio.
The seven-storey commercial complex was built by Ming Arcade, a subsidiary of People’s Park Development owned by the late Ho Kok Cheong. It has three basement levels, 88 units and an existing verified development baseline of 55,046 square feet, equivalent to a plot ratio of 4.54.
It has a height control of up to 20 storeys.
The site sits on a plot of approximately 12,132 square feet and is zoned ‘’commercial’’ under the 2019 Master Plan. Savills Singapore said its purchaser can redevelop or exercise asset enhancement initiative works on the site into a new upscale development comprising luxury hotel, retail, office and residential spaces.