Colliers International extended the public tender for The Arcade mixed-use property at 11 Coller Quay in Singapore's District 1 to March 5, 2020, from Jan. 8, 2020, following requests from developers, The (Singapore) Business Times reported, citing Tang Wei Leng, managing director at the marketing agent.
Tang said the property received strong interest from developers who are "particularly drawn" to the site's proximity to the Raffles Place MRT interchange station, 999-year land tenure and ongoing urban transformation in the area.
The Arcade's reserve price in November was S$780 million, reflecting a roughly 10% drop from the S$868 million original asking price in 2014, the publication added Dec. 16.
The 20-story building with 127 office and retail units occupies a 2,035.4-square-meter leasehold site carries approval for commercial development with a gross plot ratio of 15 under the Draft Master Plan 2019. It has the potential to be developed into a 50-story integrated project that will include a hotel, residential units, and office and retail spaces.
As of Dec. 16, US$1 was equivalent to S$1.35.