Far East Shopping Centre Up for Collective Sale at S$928 Million

Far East Shopping Centre, a 36,014 sqft site located at the junction of Orchard Road and Angullia Park, has been put up for collective sale with a guide price of S$928 million. The site is currently zoned for commercial use and has a dual road frontage of about 130m.

The collective sale tender will close on September 19, 2023. The tender is being marketed by CBRE. The guide price of S$928 million is based on a maximum buildable gross floor area (GFA) of 290,574 square feet under the Selective En bloc Development (SDI) scheme.

Assuming full commercial usage, this works out to be S$3,421 square feet per plot ratio, inclusive of Land Betterment Charge.

Far East Shopping Centre is a well-located asset with a high profile presence on Orchard Road. The site is surrounded by major retail and commercial developments, including ION Orchard, Paragon, and Orchard Central. The site is also well-served by public transportation, with the Orchard MRT station just a short walk away.

The collective sale of Far East Shopping Centre is expected to be keenly contested as it offers developers the opportunity to develop a large-scale commercial project on a prime Orchard Road site. The sale of the site is also likely to add to the momentum of the en bloc market in Singapore, which has been on a tear in recent months.

If the collective sale is successful, it will be the second major en bloc sale this year. In January 2023, Golden Mile Complex was sold for S$700 million to a consortium comprising Perennial Holdings, Sino Land, and Far East Organization

*Image Source: Google Map (Screenshot)

Source: https://www.channelnewsasia.com/singapore/far-east-shopping-centre-en-bloc-collective-sale-orchard-road-cbre-tender-3650651