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News Release

Singapore

Rare opportunity to purchase a Prime Freehold Commercial Redevelopment Site off Orchard Road

Collective Sale by Tender closing on 16 February (Thursday) at 3pm


SINGAPORE, 10 January 2012 – Sole Marketing Agent Jones Lang LaSalle is presenting for collective sale by tender, a prime freehold commercial development, Ming Arcade, which is located off Orchard Road. The 2nd public tender exercise for the site comes with a reduced asking price.

The redevelopment site, located on 21 Cuscaden Road is zoned ‘commercial’ with a gross plot ratio of 4.2+ and an allowable building height of 20 storeys. With an approved gross floor area of 55,046 sq ft, no development charge is payable for the site. `The possible redevelopment options include medical suites, office and retail developments, hotel and mixed commercial and residential uses, subject to relevant authorities approval and payment of development charge (if applicable).
 
Ming Arcade currently comprises 88 commercial/ retail strata units of varying sizes from 140 sq ft to 620 sq ft. The immediate vicinity includes high-end residential developments like Boulevard Vue, Boulevard Residences (BLVD), Cuscaden Residences, Four Seasons Park and St. Regis Residences. Ming Arcade is less than 500 m away from Orchard MRT Station and public transportation is easily available along Orchard Road. The site enjoys excellent accessibility  to the other parts of the Island via the Pan Island Expressway (PIE) and Central Expressway (CTE). Commercial developments in the vicinity include Forum The Shopping Mall, Delphi Orchard, Orchard Parade Hotel, Far East Shopping Centre and Tanglin Shopping Centre amongst many others. Nearby medical facilities include Camden Medical Centre, Mount Elizabeth Hospital and Gleneagles Hospital / Medical Centre.
 
Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, comments “The subject site offers a potential developer a rare opportunity to acquire a piece of freehold land within the prime Orchard Road shopping belt.  The recent measures of “Additional Buyer Stamp Duty’ applicable to residential properties may result in investors switching their property purchases towards commercial and industrial properties. The site, with its affordable quantum brings an attractive opportunity for both small and mid-sized developers. With a commercial zoning, a wide range of redevelopment options are permissible on the site, subject to approval. These include medical suites, office and retail developments, hotel and mixed commercial and residential uses. Ms Hoh also adds that the location is ideal for a corporate flagship building.”
 
The tender will close at 3pm on 16th February (Thursday) 2012.

-ENDS-
 
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2007 global revenue of USD2.7 billion, Jones Lang LaSalle has approximately 170 offices worldwide and operates in more than 700 cities in 60 countries. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with approximately USD50 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 16,000 employees operating in more than 70 offices in 13 countries across the region.
9 Raffles Place #39–00 Republic Plaza Singapore 048619