228 Orchard Road up for sale by Expression of Interest

Only until 12pm on February 14.

Knight Frank Singapore has announced the launch for sale of 228 Orchard Road by Expression of Interest.

228 Orchard Road is a prominent retail mall that sits on a land area of 824.55 sq m (approx. 8,875 sq ft). Under the 2008 Master Plan, the site is designated as “Commercial” with a Gross Plot Ratio (GPR) of 4.9+. As the whole site falls within the 200 meter radius around the Somerset MRT Station box, an additional 10% variable bonus plot ratio is allowed, which works out to a maximum permissible plot ratio of 5.39.

228 Orchard Road is a five-storey retail mall with three basement levels and is currently leased to Courts (Singapore) Pte Ltd on an approximately floor area of just under 45,000 sq ft. The subject property is located along the main shopping and entertainment belt Orchard Road with Somerset MRT Station less than 100 metres away.

Orchard Road remains one of the most highly visited tourist attractions in the country despite the additions of new attractions in Singapore. The Singapore government had recently spent $40 million on general enhancement works to improve the pedestrian experience.

The locality is predominantly characterized by shopping malls, high-end residential, hotels and offices. Notable developments in its immediate vicinity include Orchard Gateway (U/C), 313 Somerset, Centrepoint Shopping Centre, Orchard Central, Paragon, The Heeren, Cathay Cineleisure Orchard, Grandpark Hotel, Mandarin Orchard and Mandarin Gallery.

Accessibility to the property is excellent, with availability of public transportation at the doorstep and with the Central Expressway just a short drive down the road. Ample car parking facilities are available in the surrounding shopping malls and at the public car parks across the subject property.

“Most retail malls remain tightly held and a prime freehold retail mall along Orchard Road is hard to come by. This opportunity offers investors a chance to own a prime asset along Orchard Road shopping corridor. It is also suitable for retailers who are looking to set up a flagship retail store with an exciting concept in mind,” says Mr Ian Loh, Director & Head of Investment and Capital Markets, Knight Frank Singapore.

Resale prices of freehold commercial units in the vicinity have fetched approximately $6,500 psf to $7,200 psf for Far East Plaza, $3,700 psf to $8,600 psf for Lucky Plaza and $2,500 to $4,900 psf for Orchard Towers in the last 6 months.

The Expression of Interest closes on 14 February 2014 (Friday) at 12pm.