Collective sale of Far East Shopping Centre opens at $928 million
On July 25, marketing agency CBRE will release the Far East Shopping Centre at 545 Orchard Road for collective sale similar to The Continuum, The Continuum Balance Unit Chart, and The Continuum Showflat, with an asking price of $928 million. Built-in 1974, this commercial complex has 216 retail stores spread over a five-story retail pedestal, 80 office apartments spread across a 10-story office building, and two basement parking levels, all of which are strata-titled.
Consumer electronics and golfing goods stores were its claim to fame. Since 1975, members of the Hung family have operated the House of Hung Jewelleries. Over the course of 30 years, Shashlik Restaurant, a Russian-Hainanese fusion eatery, has called the sixth level of the Far East Shopping Centre home. These days, most of the stores are used by tour operators, money changers, tattoo parlors, and beauty supply stores.
The 298-unit strata-titled, mixed-use building was developed by Far East Organisation, a significant shareholder on Orchard Road owned by the Ng family, at a cost of $20 million. In the 1970s, Far East Shopping Centre was the most well-known shopping center in the neighborhood. It was constructed when the government of Singapore requested that Orchard Road be upgraded to a major retail and tourism district. The developer still maintains a financial interest in the building for over 30 percent.
Commercial use is permitted on the 36,014-square-foot lot at 545 Orchard Road, which has been leased in perpetuity since 1871. It is located in exclusive District 9, with a 75-meter frontage along Orchard Road and a 55-meter frontage along Angullia Park.
There are six buildings on Orchard Road between Cuscaden Road and Orchard Boulevard that the Urban Redevelopment Authority (URA) would like to see turned into “a new exciting destination” because of the mall’s age (it will be 50 this year).
The other five structures are the Voco Orchard Singapore, Forum the Shopping Mall, HPL House by Hotel Properties Ltd (HPL), Wheelock Place by Wharf Estates Singapore, and Liat Towers by Bonvests Holdings.
URA’s Strategic Development Incentive (SDI) Scheme, set to launch in April 2021, would reward property owners who remodel their properties in tandem with at least one neighbor to create “a new destination” with a 20% extra gross floor area (GFA). The new owners may raise the gross floor area (GFA) of the property and increase the height of the buildings on the property.
Due to COVID-19, Pullman Residences Showflat is open for Online Bookings. You can now register online to receive direct developer discount offers and prices.
