Savills

The building has a gross floor area of 1,042.31 square meters (sqm).

It was forecasted that Singapore’s growth will be between 6% to 7.9%.

Markets in the region except Australia are practising remote working.

Asking help from bank lenders will be challenging this year.

It presents investment opportunities amidst macroeconomic headwinds.

The sale translates to $3,000 per square foot.

Workthere said smaller brands will likely be acquired by large operators as competition in the market intensifies.

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.