{"id":3289,"date":"2024-04-19T16:00:04","date_gmt":"2024-04-19T08:00:04","guid":{"rendered":"https:\/\/pinegroveresidence.sg\/navagrove\/?p=3289"},"modified":"2024-04-19T16:00:04","modified_gmt":"2024-04-19T08:00:04","slug":"delfi-orchard-up-for-collective-sale-at-438-million-guide-price","status":"publish","type":"post","link":"https:\/\/pinegroveresidence.sg\/navagrove\/delfi-orchard-up-for-collective-sale-at-438-million-guide-price\/","title":{"rendered":"Delfi Orchard up for collective sale at $438 million guide price"},"content":{"rendered":"
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Offering a prime opportunity, Delfi Orchard, an 11-storey complex, is now up for collective sale with a guide price of $438 million. The complex comprises 150 strata-titled units, including 127 shops and 23 apartments, with CDL<\/a> owning 126 of them.<\/p>\n

Strategically positioned at 402 Orchard Road<\/a> on a freehold site spanning 20,264 sq ft, the property is zoned for commercial use, allowing for a building height of up to 20 storeys. Marketing agent Savills Singapore announced on April 18 that the property is being marketed at approximately $3,397 per sq ft per plot ratio (psf ppr), considering full commercial utilization.<\/p>\n

The guide price includes a land betterment charge of $7.6 million and is based on the potential redevelopment of up to 131,186 sq ft, aligned with the site\u2019s approved development baseline. Notably, the last significant en bloc transaction in the Orchard<\/a> area was the sale of Ming Arcade for $172 million in December 2022, setting a market record at $3,125 psf ppr.<\/p>\n

Earlier in 2022, Tanglin Shopping Centre<\/a> was sold to Pacific Eagle Real Estate for $868 million ($2,769 psf ppr), followed by Scotts Square mall hitting the market in January with an asking price of $450 million ($3,438 psf ppr). In September 2023, Far East Shopping Centre<\/a> nearly clinched a deal for $910 million ($3,421 psf ppr) but faced setbacks due to a rejected redevelopment proposal.<\/p>\n

For CDL<\/a>, Delfi Orchard’s sale would mark its third significant divestment in two years, following the sale of units in Tanglin Shopping Centre and Golden Mile Complex in 2022, which garnered pre-tax gains of $256.3 million and $75.6 million, respectively.<\/p>\n

Since acquiring 118 units at Delfi Orchard in 1991 from Yamasin, CDL<\/a> has steadily expanded its portfolio in the area, including Palais Renaissance in 1993. With the impending sale, apartment owners could expect windfalls ranging from $2.2 million to $4.6 million each, while commercial unit owners could receive between approximately $984,000 and $24 million per unit.<\/p>\n

Jeremy Lake, Managing Director of Investment Sales and Capital Markets at Savills Singapore, highlighted the strategic significance of Delfi Orchard, emphasizing its potential within Orchard Road’s evolving landscape. The property’s favorable positioning aligns with plans to integrate arts, entertainment, and shopping experiences, making it an attractive proposition for developers.<\/p>\n

The public tender for Delfi Orchard will close at 3pm on May 27.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The Straits Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Offering a prime opportunity, Delfi Orchard, an 11-storey complex, is now up for collective sale with a guide price of $438 million. The complex comprises 150 strata-titled units, including 127 shops and 23 apartments, with CDL owning 126 of them. Strategically positioned at 402 Orchard Road on a freehold site spanning 20,264 sq ft, the […]<\/p>\n","protected":false},"author":1,"featured_media":3290,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-3289","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\/3289","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=3289"}],"version-history":[{"count":1,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3289\/revisions"}],"predecessor-version":[{"id":3291,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3289\/revisions\/3291"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media\/3290"}],"wp:attachment":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media?parent=3289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/categories?post=3289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/tags?post=3289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}