The price works out to S$8,171 per square foot (US$68,806 per square meter), based on the units’ combined strata area of 8,934 square feet (830 square meters).
This marked a roughly 19% discount to the previous asking price of S$90 million in 2022 when the property was marketed.
The portfolio consists of two ground-floor units leased to Maybank and 16 strata units on the second floor occupied by RHB Bank and Xiao Long Kan Hotpot.
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Orchard Shopping Centre. Photo from Far East Organization’s website |
Orchard Shopping Centre is located at the junction of Grange Road and Orchard Road, one of the busiest pedestrian crossings along Singapore’s prime retail strip.
The mall’s owners are exploring their first collective sale, though the committee has yet to set a price indication as the process remains in its early stages.
The move comes amid a wave of en bloc activity along Orchard Road, including the sale of the rear block of Centrepoint mall and the nearby Cuppage Terrace.
“Orchard Road has always been regarded as one of Singapore’s most tightly held and prestigious retail corridors, with many assets controlled by long-term institutional or family ownership,” Terry Wong, head of capital markets & investment services at real estate agency Colliers, said in a Tuesday press release, as quoted by EdgeProp Singapore.
The Goh family intends to upgrade the facades and shopfronts of the Orchard Shopping Centre units as part of a longer-term asset enhancement plan aimed at improving visibility and overall appeal. But it is expected to take a cautious approach as the mall is undergoing a collective sale, with upgrades likely to be considered later once the outcome is clearer, The Business Times reported.
Ossia International distributes and retails lifestyle products including footwear, sporting goods and luggage. Founded by George Goh and his brothers in 1982 as a shoe manufacturer, the company later expanded to trading imported designer shoes and sporting goods, fashion, luggage and outdoor products. It also brought retailer Harvey Norman to Singapore, according to Channel News Asia.
Last year, Ossia bought a leasehold property at Tan Quee Lan for S$14 million from Santa Grand Investments through a special purpose vehicle.
