Wharf Estates Singapore, formerly known as Wheelock Properties, has listed the freehold retail podium at Scotts Square for sale with a guide price of $450 million. This retail mall is situated in a prime location off Orchard Road, a highly sought-after shopping belt in Singapore.
- Guide Price: $450 million
- Location: 6 Scotts Road, near the Grand Hyatt Singapore hotel and Tangs
- Plot Size: 5,215.5 sq m
- Gross Floor Area: 130,875 sq ft
- Rate: $3,438 per sq ft per plot ratio (psf ppr)
Scotts Square is a mixed development featuring two luxury residential towers and a retail mall spanning four storeys. The mall currently boasts a net lettable area of 76,657 sq ft, with a high occupancy rate of 98.8%. Notable tenants include Wild Honey, Eggslut, and golf retailers on the third floor. The retail space was redeveloped by Wheelock in place of the former Scotts Shopping Centre.
Jeremy Lake, Managing Director of Investment Sales and Capital Markets at Savills Singapore, which is the exclusive marketing agent for Scotts Square, stated that the property’s approximately 50m frontage along Scotts Road and visibility make it highly attractive. The buyer has the potential to reposition Scotts Square and create a boutique flagship property, attracting luxury brands and enhancing net operating income.
The expression of interest period for Scotts Square will conclude on February 6, 2024. The marketing of Scotts Square comes amid growing interest in Singapore’s prime retail areas, with several properties changing hands in recent years, and new developments planned for Orchard Road.
This move follows a trend in the Orchard Road area, with Far East Shopping Centre recently struck a deal for approximately $910 million, translating to $3,421 psf per plot ratio. Tanglin Shopping Centre was also sold in 2022 for $868 million or $2,769 psf ppr. Additionally, Delfi Orchard is reportedly exploring collective sale opportunities, and the Urban Redevelopment Authority has approved a proposal for a mixed-use redevelopment by Hotel Properties Limited in the Orchard area.