{"id":3158,"date":"2024-01-11T19:59:49","date_gmt":"2024-01-11T11:59:49","guid":{"rendered":"https:\/\/pinegroveresidence.sg\/navagrove\/?p=3158"},"modified":"2024-01-15T20:02:02","modified_gmt":"2024-01-15T12:02:02","slug":"scotts-square-mall-in-prime-orchard-road-area-put-up-for-sale-with-450-million-guide-price","status":"publish","type":"post","link":"https:\/\/pinegroveresidence.sg\/navagrove\/scotts-square-mall-in-prime-orchard-road-area-put-up-for-sale-with-450-million-guide-price\/","title":{"rendered":"Scotts Square Mall in Prime Orchard Road Area Put Up for Sale with $450 Million Guide Price"},"content":{"rendered":"\n<p>Wharf Estates Singapore, formerly known as Wheelock Properties, has listed the freehold retail podium at Scotts Square for sale with a guide price of $450 million. This retail mall is situated in a prime location off Orchard Road, a highly sought-after shopping belt in Singapore.<\/p>\n\n\n\n<p>Key details:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Guide Price:<\/strong> $450 million<\/li>\n\n\n\n<li><strong>Location:<\/strong> 6 Scotts Road, near the Grand Hyatt Singapore hotel and Tangs<\/li>\n\n\n\n<li><strong>Plot Size:<\/strong> 5,215.5 sq m<\/li>\n\n\n\n<li><strong>Gross Floor Area:<\/strong> 130,875 sq ft<\/li>\n\n\n\n<li><strong>Rate:<\/strong> $3,438 per sq ft per plot ratio (psf ppr)<\/li>\n<\/ul>\n\n\n\n<p>Scotts Square is a <a href=\"https:\/\/reserveresidencesbeautyworld.sg\" data-type=\"link\" data-id=\"https:\/\/reserveresidencesbeautyworld.sg\" target=\"_blank\" rel=\"noreferrer noopener\">mixed development<\/a> featuring two <a href=\"https:\/\/wattenbyuol.sg\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/wattenbyuol.sg\" rel=\"noreferrer noopener\">luxury residential<\/a> towers and a retail mall spanning four storeys. The mall currently boasts a net lettable area of 76,657 sq ft, with a high occupancy rate of 98.8%. Notable tenants include Wild Honey, Eggslut, and golf retailers on the third floor. The retail space was redeveloped by Wheelock in place of the former Scotts Shopping Centre.<\/p>\n\n\n\n<p>Jeremy Lake, Managing Director of Investment Sales and Capital Markets at Savills Singapore, which is the exclusive marketing agent for Scotts Square, stated that the property&#8217;s approximately 50m frontage along Scotts Road and visibility make it highly attractive. The buyer has the potential to reposition Scotts Square and create a boutique flagship property, attracting luxury brands and enhancing net operating income.<\/p>\n\n\n\n<p>The expression of interest period for Scotts Square will conclude on February 6, 2024. The marketing of Scotts Square comes amid growing interest in Singapore&#8217;s prime retail areas, with several properties changing hands in recent years, and new developments planned for Orchard Road.<\/p>\n\n\n\n<p>This move follows a trend in the Orchard Road area, with <a href=\"https:\/\/reserveresidencesbeautyworld.sg\/developer\/\" data-type=\"page\" data-id=\"1386\" target=\"_blank\" rel=\"noreferrer noopener\">Far East<\/a> Shopping Centre recently struck a deal for approximately $910 million, translating to $3,421 psf per plot ratio. Tanglin Shopping Centre was also sold in 2022 for $868 million or $2,769 psf ppr. Additionally, Delfi Orchard is reportedly exploring <a href=\"https:\/\/pinegroveresidence.sg\/navagrove\/katong-shopping-centre-relaunches-collective-sale-with-unchanged-s638-million-reserve-price\/\" data-type=\"post\" data-id=\"3065\">collective sale<\/a> opportunities, and the <a href=\"https:\/\/www.ura.gov.sg\" target=\"_blank\" rel=\"noreferrer noopener\">Urban Redevelopment Authority<\/a> has approved a proposal for a mixed-use redevelopment by Hotel Properties Limited in the Orchard area.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.straitstimes.com\/business\/property\/scotts-square-mall-put-up-for-sale-with-450-million-guide-price\" data-type=\"link\" data-id=\"https:\/\/www.straitstimes.com\/business\/property\/scotts-square-mall-put-up-for-sale-with-450-million-guide-price\" target=\"_blank\" rel=\"noreferrer noopener\">The Straits <\/a><a href=\"https:\/\/www.straitstimes.com\/business\/property\/scotts-square-mall-put-up-for-sale-with-450-million-guide-price\" data-type=\"link\" data-id=\"https:\/\/www.straitstimes.com\/business\/property\/scotts-square-mall-put-up-for-sale-with-450-million-guide-price\" target=\"_blank\" rel=\"noopener\">Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wharf Estates Singapore, formerly known as Wheelock Properties, has listed the freehold retail podium at Scotts Square for sale with a guide price of $450 million. This retail mall is situated in a prime location off Orchard Road, a highly sought-after shopping belt in Singapore. Key details: Scotts Square is a mixed development featuring two [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-3158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-property-news"],"_links":{"self":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/comments?post=3158"}],"version-history":[{"count":1,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3158\/revisions"}],"predecessor-version":[{"id":3160,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3158\/revisions\/3160"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media\/3159"}],"wp:attachment":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media?parent=3158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/categories?post=3158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/tags?post=3158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}