Co-Head of Real Estate Practice Group, Lau Sok Hiang, and her team, successfully negotiated a contract for the collective sale of Far East Shopping Centre at the sale price of S$908 million
05 Oct 2023
Co-Head of Real Estate Practice Group, Lau Sok Hiang, assisted by Director April Mak, Associates Meryl Tan and Jewel Hong, and Legal Executive, Rhee Koay (and supported by dispute resolution Director, Benedict Teo and his team, including Associate Director Yap En Li), have successfully negotiated a contract for the collective sale of Far East Shopping Centre at the sale price of S$908 million on behalf of the Collective Sale Committee (CSC)/consenting vendors of Far East Shopping Centre. This price equates to roughly $3,350 psf per plot ratio (psf ppr), based on the potential gross floor area of 290,574 sq ft, under the Strategic Development Incentive (SDI) Scheme offered by the Urban Redevelopment Authority of Singapore (URA), which surpasses the previous record set by Ming Arcade at $3,125 psf ppr, and makes it one of the largest collective sales in Singapore so far this year.
The collective sale of Far East Shopping Centre is also unusual in that, instead of the usual one-year process to find a buyer, it is a “short-fused” collective sale, so that the buyer has time to submit to URA, the Outline Planning Permission for the new integrated development.
Far East Shopping Centre is the only commercial site available for sale along Orchard Road, where buyers could explore different land uses such as retail, hotel, residential, serviced apartments, MICE facilities and lifestyle uses under the SDI Scheme. The 999-year leasehold Far East Shopping Centre sits on a 36,014 sq ft site, and has been identified as one of six buildings on the stretch of Orchard Road (between Cuscaden Road and Orchard Boulevard) that URA wants to see redeveloped into "a new exciting destination” under the SDI Scheme.
You may read the full article on p. 1-2 of The Business Times (29 September), BT online here, LHZB’s website here and EdgeProp’s website here.