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.

Read more: The Arcade in Raffles Place to be tendered for $780m

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.