Ming Arcade En Bloc Sold to Royal Group at Record Price

The Land Price at S$3,125 psf ppr is One of the the Highest Record in Singapore Collective Sales History!

Ming Arcade Owners Got Their Early “Fabulous Christmas Gifts,” Pocketing Between $750,000 and $30 million Each

Ming Arcade, a prime commercial property located in Orchard Road, has sold en bloc to property investment firm Royal Group on Thursday, December 15, for $172 million.

Based on the sale price, the land rate works out to $3,125 psf ppr, a new benchmark price that surpasses the previous record of $2,910 psf ppr held by Park House on Orchard Boulevard, which was sold 4 years ago.

Savills Singapore, the appointed marketing agency, reported that the site was fiercely fought and that Royal Group ended up as the winning bidder, for which they paid 34% more than the reserve price.

The Cuscaden Road commercial property was put up for sale at S$140 million in November this year.

The purchaser may either carry out asset improvement project works or redevelop the land into a new upmarket complex that includes a luxury 5-star hotel, retail, office, and residential spaces, according to Savills. There is no additional buyer’s stamp duty due.

Savills also brokered the deal of Tanglin Shopping Centre site in early this year, which they managed to sell at $868 million, or $2,769 psf ppr.

According to Mr. Jeremy Lake at Savills, the owners could receive between $750,000 and $30 million for each unit.

Royal Group is looking at a number of potential redevelopment strategies for the prime site.

Property tycoon Asok Kumar Hiranandani, chairman of Royal Group, expressed that “the land is ideal for commercial development, given that two new hotels are going up – Artyzen Singapore and The Singapore Edition – which would bring higher traffic flow to the region.”

In a statement, Mr. Asok Kumar and co-chairman Bobby Hiranandani stated, “Ming Arcade used to be an urban and dynamic lifestyle center back in the 1980s, and we are happy and excited to commence on the regeneration of this enclave of the Orchard Road district.”

Royal Group of Companies, is a Singapore-based family office that invests in a broad range of asset sectors, including hotels, office buildings, retail, residential, industrial, and preserved properties in the Asia Pacific region and beyond.

Asok Kumar Hiranandani, a property magnate, founded it.

Their noteworthy properties include the Sofitel Singapore Sentosa Resort & Spa and Singapore’s impending second Raffles Hotel on Sentosa, an exclusive resort with 62 luxury villas.

It is scheduled to open at the end of 2023.

Ming Arcade is located at 21 Cuscaden Road, in prime district 10, within the core central region of Singapore.

The 12,132 sq ft freehold property is designated “commercial,” with an existing gross floor area of 55,046 sq ft, corresponding to a plot ratio of 4.54, and a height restriction of up to 20-storeys.

Ming Arcade is a 7-storey commercial building with 3 basement levels and 88 strata apartments located on a corner block along Cuscaden Road.

The property is surrounded by luxury hotels and residential complexes, such as the planned Artyzen Hotel, The Edition Hotel, Boulevard 88, Four Seasons Hotel and Four Seasons Park, and St. Regis Hotel & Residences.

It is also in Singapore’s most prestigious enclave, Orchard.

Tanglin Shopping Centre, close neighbour of Ming Arcade, located west of the enbloc site, was sold to Pacific Eagle Real Estate for S$868 million in February this year.