Savills Singapore, exclusive marketing agent, is pleased to announce Delfi Orchard at 402 Orchard Road has been sold for $439M via public tender, which closed on 27 May.
City Developments Limited (CDL) through its wholly owned subsidiary CDL Draco Pte. Ltd. has been awarded the collective sale tender for Delfi Orchard, a prime 11 storey freehold strata titled commercial building at the price of $439M.
Enjoying a prominent frontage of approximately 80 metres along Orchard Road, Delfi Orchard is situated on a freehold site of approximately 20,264 sq ft and is zoned “Commercial” with a height control up to 20-storeys. Delfi Orchard has a development baseline verified by Singapore Land Authority (SLA) at 131,186 sq ft which is equivalent to a plot ratio of 6.474. This compares with the Master Plan plot ratio of 4.9.
The development commands attention with its prominent frontage and visibility throughout the day. Delfi Orchard is also within a stone’s throw to Singapore’s most prestigious residential neighbourhood, Ardmore Park/Nassim Park, well served by the public transport network and seamlessly connected to amenities including the famed Orchard Road shopping belt, renowned medical establishments, exclusive private clubs, hotels and the Singapore Botanic Gardens, an 82 hectare of tropical paradise. The site allows developers the flexibility of multiple development options ranging from office, luxury retail, residential to hotel.
The sale price of $439M works out to approximately $ 3,346 psf per plot ratio (ppr) based on the existing GFA of approximately 131,186 sq ft.
Jeremy Lake, Managing Director, Investment Sales & Capital Markets, says, “The sale of Delfi Orchard is the third major collective sale in the Orchard Road corridor brokered by Savills, following the earlier successful collective sales of Tanglin Shopping Centre ($868M / $2,769 ppr) and Ming Arcade ($172M / $3,125 ppr). Developers continue to be drawn to prime development opportunities here and are very excited by the URA’s plans to rejuvenate and refresh Orchard Road.”
Rajah & Tann acted for the vendors in the collective sale.