The shopping center, which is located at the junction of Orchard Road and Anglo Chinese Gardens, occupies about 36,000 square feet of land and has a 999-year land lease that has been in effect since 1871.
According to information provided on the Far East Organization's website, the shopping center currently has two levels of underground parking, five levels of retail storefronts and ten levels of office space.
CBRE, the real estate services and investment firm in charge of the collective bargaining program, said the lot is eligible for the Urban Redevelopment Authority's Strategic Development Project Incentive Program, which gives the new owner the opportunity to redevelop the building.
If approved for redevelopment, the new project could be built with more than 295,000-plus square feet of gross floor area.
Additionally, since the lot is designated for commercial use, purchasers will not be required to pay additional buyer's stamp duty. For interested developers, they will need to make their offers by September 20 at 3pm.
