Cushman & Wakefield launched the public tender for the collective sale of the Bugis Cube commercial development in Singapore with a reserve price of S$230 million.
The marketing agent commenced the sale after at least 80% of the property's owners consented to the divestment, according to a news release.
Bugis Cube comprises a six-story building with a basement floor car park and 119 strata-titled retail shops. It sits on a 1,079.1-square-meter site with a leasehold term of 999 years, a verified gross floor area of 6,188.67 square meters and a 4.2 plot ratio under the Master Plan 2014 of the city-state's Urban Redevelopment Authority.
The property will remain on offer until Nov. 14, Cushman & Wakefield added.
As of Oct. 7, US$1 was equivalent to S$1.38.
