Ming Arcade sold for record S$172m: Savills

The buyer, Royal Group of Companies, plans to redevelop the site.
 
Family office Royal Group of Companies has purchased shopping mall Ming Arcade for S$172m via a public tender exercise which closed on 15 December, announced the sale’s exclusive marketing agent Savills Singapore.
 
The purchase set a new price benchmark in the Lion City, exceeding the previous price record of $2,910 per square foot per plot ratio that was set with the purchase of Park House by Hong Kong-listed Shun Tak Holdings in 2018.
 
Situated at a corner plot along Cuscaden Road, Ming Arcade is a 7-storey commercial complex with 3 basement levels and a total of 88 strata units. Royal Group of Companies plans to redevelop Ming Arcade.
 
The freehold 12,132 sq ft site is zoned commercial and has an existing gross floor area of 55,046 sq ft. This is equivalent to plot ratio of 4.54, and has a height control of up to 20-storeys.
 
Royal Group of Companies is a Singapore-based family office with investment in a wide array of asset classes ranging from hospitality, office towers & retail, residential, industrial, and conserved assets across the Asia Pacific region and beyond. Notable assets include the Sofitel Singapore Sentosa Resort & Spa and Singapore’s upcoming second Raffles Hotel in Sentosa.