Delfi Orchard boasts an impressive 80-meter frontage on the prestigious Orchard Road, Singapore, residing on about 20,264 square feet of freehold land. It’s designated for “Commercial” use and permits a building height of up to 20 stories. The property’s development potential has been confirmed by the Singapore Land Authority (SLA) at 131,186 square feet, signifying a plot ratio of 6.474, which exceeds the Master Plan’s stipulated ratio of 4.9.
The property is poised to leverage Orchard Road’s evolution into a vibrant, green urban strip that merges the arts, entertainment, and shopping. With its prime location and access from both Orchard and Claymore Roads, the site offers high visibility and is just a short distance from the esteemed Ardmore Park / Nassim Park area, recognized for its serene, green surroundings. The site’s regular shape provides developers with a variety of options such as office space, upscale retail, residential units, or even a hotel.
Located just a 7-minute walk from Orchard MRT station, the property offers convenient access to the city’s core and Marina Bay, while also being connected to a multitude of amenities. These include the iconic Orchard Road shopping district, top-tier medical facilities, exclusive clubs, and the Singapore Botanic Gardens.
As a prime spot for tourism, Delfi Orchard is surrounded by reputable hotels which contribute to the area’s attraction to international visitors. This makes any future development at this location quite appealing for travellers.
The asking price is set at $438 million, which calculates to around $3,397 per plot ratio when fully used for commercial purposes. This includes a Land Betterment Charge of $7.63 million based on the 131,186 square feet development baseline. Potential buyers might also look into the Strategic Development Incentive (SDI) scheme offered by the URA.
Jeremy Lake, Managing Director of Investment Sales & Capital Markets, comments on the strong market interest in Orchard Road seen from the successful collective sales of Tanglin Shopping Centre and Ming Arcade, facilitated by Savills. He notes that Delfi Orchard represents a unique chance for developers to secure a prime spot for redevelopment at the Orchard Road entrance.
Delfi Orchard is currently the only commercial redevelopment site available in the area, offering an exceptional chance to create a standout mixed-use development. While the plot is commercially zoned, the URA may also approve the development of hotel or residential spaces.
There are no foreign ownership restrictions since the site is zoned Commercial.
The public tender will conclude on Monday, 27 May 2024, at 3pm.
