Savills

Four of the five ground floor units have restaurant approvals.

It is expected to increase by 2.3% YoY.

Savills predicts investment sales to hit around $24b to $25b.

If interest rates remain at pre-pandemic levels, rents will likely grow 11.1% YoY.

Savills said the rents will move up for prime retail and suburban rents.

Rents for prime warehouse and logistics assets to go up 2% to 5% in 2023.

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. 

Overall, residential prices will increase by 7% next year.

The median rental price for a 3-bedroom apartment in the top market is $15,000/month.

The 12,000-square feet hotel features battle stations for eSports competitions.

Retail vacancy was the lowest since 2019, at 7.8% in the third quarter of 2022.

Real Estate Analytics, Savills, and Lancia Consult teamed up to develop the property solution. 

Prices of high-end non-landed private home projects went up to $2,544 psf.

The freehold commercial site is located 50 meters away from Orchard Road.

60-year leasehold and freehold properties also showed increases.

It increased by 1.1% QoQ to $3.69 psf.