Tender sale of Raffles Place property moved to March 5

Developer requested for more time to assess the site.

The tender submission date for the collective sale of The Arcade in Raffles Place has been moved to 5 March 2020, announced Colliers International..

The deadline was extended from 8 January 2020 in response to developers’ request for more time to assess the site.

The real estate firm also revised the property land rate after receiving the verified gross floor area (GFA) from the Urban Redevelopment Authority (URA). The reserve price of $780m will now translate to a land rate of $2,840 per sqft per plot ratio (psf ppr), up from $2,833 psf ppr last month.

Located at 11 Collyer Quay, the 21,909 sqft, 20-storey site comprises 127 office and retail units and was launched for collective sale last November. Under the Master Plan 2019, it is zoned Commercial with a gross plot ratio of 15, and can be redeveloped into a 50-storey integrated development.

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