The deadline to the collective sale tender for Your Arcade at Collyer Quay has been extended after feedback from programmers that they want additional time to assess the website, the marketing agent said yesterday.
Owners of this Arcade launched a second stab at a collective sale on Nov 14 having an asking price of $780 million, 10 percent lower than the $868 million group in 2014.
The 40-year-old construction in the heart of the Central Business District includes 127 office and retail components. Based upon how big this device, each proprietor stands to get between $700,000 and $29.9 million out of a sale, according to agent Colliers International.
Its managing director Tang Wei Leng said:”Considering that the collective sale tender was launched, The Arcade has received strong interest from many developers and we have conducted many website viewings.
“With the extended Christmas and New Year holidays upon us, many programmers have asked us to expand the (tender) deadline so that they have more time to evaluate the website. We have taken this feedback into consideration and have revised the final date.”
Colliers said it has also revised the land rate on getting the confirmed gross floor area to the website from the Urban Redevelopment Authority.
The book price of $780 million will now translate into a land rate of $2,840 per square foot per plot ratio (psf ppr) – up marginally from its estimate of $2,833 psf ppr once the tender was launched last month.
The 20-storey office and retail land sits on a 2,035 sq m website using a 999-year land tenure that began on April 20, 1826.
It might be redeveloped to a 50-storey integrated improvement, including a hotel, residential units, office and retail space.
Ms Tang added:”The response has been favorable so far, together with programmers particularly drawn to its town center location, proximity to the Raffles Place MRT interchange station, its own 999-year land tenure and the continuing urban transformation in the area.”