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Scotts Square shopping center up for $450 million

Scotts Square shopping center up for $450 million

Located close to the intersection of Scotts Road and Orchard Road, Scotts Square is a major mixed-use complex sandwiched between the Riverfront Residences Singapore and Singapore Marriott Tang Plaza hotels.

The freehold Scotts Square was developed by Wharf Estates Singapore (previously Wheelock Properties) and finished in 2011. It features a retail podium, two 43- and 34-story luxury residential towers housing 338 apartments together. With a gross floor area (GFA) of 130,875 square feet, the retail space is spread across four stories, from Basement 1 to Level 3.

Since the Covid-19 epidemic, several F&B establishments have emerged in Scotts Square, such as the French-inspired café La Savoir (April 2023), the Tiong Bahru Bakery (November 2021), and Eggslut (opened in September 2021).

Bang & Olufsen, which debuted its gallery on Scotts Square’s first level in September 2022, and Planet Plus, which occupied the full second level’s open space in the middle of 2023, are among the new retail tenants. Planet Plus is a lifestyle company that offers furniture and home decor items for sale. The Planet Plus Café is located within the storefront. The third floor is now occupied by golf merchants, the biggest of which is MST Golf, which debuted in December 2022.

Improvement of rentals

The mall in Scotts Square has a net lettable area (NLA) of 76,657 square feet, of which 98.8% is occupied. On average, the current rent is less than $10 per square foot.
Currently available for purchase through an expression of interest (EOI), Scotts Square, located at 6 Scotts Road near Riverfront Residences Showflat, with a suggested price of $450 million, or $3,438 per square foot per month based on GFA.

According to Jeremy Lake, managing director of investment sales & capital markets at Savills Singapore, the exclusive marketing agent for Scotts Square, “a sale now is very timely for buyers to ride on the rejuvenation of Orchard Road, particularly as visitor arrivals to Singapore are increasing rapidly and more visitors from China are expected in 2024 with the 30-day visa-free travel to start soon.”
According to Lake, a few individual owners who usually don’t sell their properties, big developers, and REITs possess the majority of the best Orchard Road structures. “We anticipate strong interest from buyers, as the chance to purchase a freehold flagship retail property is extremely rare,” he continues.

Enhanced communication

The developer had constructed a removable partition wall at the time of the mall’s construction, allowing for the creation of an underground connection to Tang Plaza and the Orchard MRT Station. According to Lake, “URA wants to improve underground connectivity between malls along the Orchard Road corridor.”

As part of URA’s 2019 Master Plan, Orchard Road is being revitalized, with a focus on placemaking and enhancing building connectivity.

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