Far East Shopping Centre debuts collective sale at $928 million
545 Orchard Road , currently which is Far East Shopping Retail Building, is up for tender via collective sale exclusively managed by CBRE agency with price tag of $928 million on July 25. The commercial building with strata title, developed in 1974, has a five-storey retail podium with multiple configurations of 216 individual retail centre, a 10-storey office block with 80 strata-titled office units and two level of underground parking space.
Famous and known by many of commercial units shops selling consumer electronics and sport gears. a family-run jewellery business, House of Hung Jewelleries, has been there since 1975. a Russian-Hainanese restaurant, Shashlik Restaurant, has been on the sixth floor of Far East Shopping Centre for more than three decades. Till date as of today, most of the spaces are mostly operated by tour guides companies, money exchangers, artist studios and facial salons.
the Ng family-controlled Far East Organization, which is also one of the builders, one of the major stakeholders on Orchard Road, the 298-unit strata-titled, mixed-use development cost $20 million to build. Far East Shopping Centre was considered the most prominent commercial complex in the area in the 1970s. It was built in response to the Singapore government’s call to develop Orchard Road into a prime shopping and tourist strip. The developer still has a stake of over 30% in the building in terms of share value.
The property at 545 Avenue Orchard which has a 999-years’ lease from 1871, sits on a 36,014 sq ft site and is zoned for commercial use. It has a 75m frontage along Orchard Road and a 55m frontage along Angullia Park in premium locale 9 District.
this iconic retail centre which will mark its 50th year in 2K23, has been head-hunted for as one of towers among other shopping podium on the stretch of Orchard Road – between Cuscaden Road and Orchard Boulevard – that the URA wants to see redeveloped into “a new exciting destination”.
five other buildings are Hotel Properties Ltd’s (HPL) Voco Orchard Singapore, Forum the Shopping Mall and HPL House; Wharf Estates Singapore’s Wheelock Place; and Bonvests Holdings’ Liat Towers.
Under the Strategic Development Incentive (SDI) Scheme in April 2K21, URA will offer 20% bonus gross floor area (GFA) to owners who redevelop their properties jointly with at least one of their neighbours to create “a new destination”. benefits which The incoming stakeholders enjoyed are from creativity in usage of land and overall height.
