Archive for category: Misc

The Master Plan also presents opportunities for educational growth and progress. One of its key initiatives is the establishment of learning and research facilities in regional hubs. This includes the enhancement of schools, the addition of new preschool centers, and the potential creation of satellite campuses or educational institutes for continuing education. These developments offer residents of all ages the chance for continuous learning and contribute to the attractiveness of living in areas with schools and enrichment programs. Miltonia Close EC Khatib, located in one of these regional hubs, stands to benefit from these education-focused developments.

Over 50 strata-titled office units and nine retail units at ARC 380, a prominent freehold commercial building at the junction of Lavender Street and Jalan Besar, are now available for purchase as announced by Tong Eng Group, a private property developer and investment firm owned by the Teo family. Completed in 2018, the 16-storey ARC 380 comprises 12 office floors, a ground-floor retail podium, and three levels of car parking space. The building also boasts a sky terrace on the fourth floor and a roof terrace on the 17th floor with a 25m swimming pool, gym, and function room.

The portfolio of strata-titled office and retail units is now priced at more than $90 million. This includes the entire 10th and 14th floors which are currently available for sale. Additionally, the 15th and 16th floors, which are currently leased to WeWork, are also being offered for sale. Each office floor spans a strata area of 9,375 sq ft and can be subdivided into 12 smaller strata units. The individual units on the 10th and 14th floors are priced at $28.29 million ($3,017 psf) and $29.06 million ($3,099 psf), respectively.

Other available office units include a 753 sq ft unit on the seventh floor priced at $2.23 million ($2,964 psf), a 1,001 sq ft unit on the ninth floor at $2.9 million ($2,904 psf), and three units on the 12th floor totaling 2,185 sq ft priced from $6.62 million ($3,030 psf). The nine retail units, with a combined strata area of 5,414 sq ft and a billboard space on the building’s façade, are priced from $19.67 million ($3,632 psf). These units will be sold with existing tenancies.

When ARC 380 was launched for sale in 2014, only less than half of the units were released to the market, including strata units on the fifth to eighth floors and some on the ninth. Tong Eng has retained the remaining units as investment properties over the past decade. There has been a total of five office unit transactions at ARC 380 between 2020 and 2022. These include a 764 sq ft unit on the seventh floor that was sold for $1.7 million ($2,224 psf) in July 2020, and a 700 sq ft unit on the seventh floor, which sold for $1.74 million ($2,487 psf) in July 2022, based on caveats lodged. In January 2025, a 732 sq ft unit on the 12th floor was sold for $2.16 million ($2,950 psf).

Jalan Besar’s proximity to the CBD and nodes like Bugis, City Hall, and Kallang make it a convenient area for businesses that prefer connectivity without CBD-level rental commitments. “The Jalan Besar-Lavender Street neighbourhood is evolving into a hub for design firms, boutique agencies, co-working concepts, and SMEs looking for city-fringe addresses with lower occupancy costs,” says Sammi Lim, director and founder of Brilliance Capital, one of the appointed marketing agencies for the spaces at ARC 380. She adds that there is a new wave of creative, technology, and professional services companies who value the accessibility, character, and vibrancy of this location.

Jalan Besar’s proximity to the CBD and commercial nodes such as Bugis, City Hall, and Kallang makes it an attractive location for businesses seeking connectivity without paying CBD rents. Shaun Poh, executive director of capital markets at Cushman & Wakefield (C&W), notes that while Jalan Besar is known for its mix of eateries, entertainment, workshops, and conservation shophouses, redevelopment pockets have shaped the area into an emerging city-fringe commercial node.

The closest comparable commercial offering is Centrium Square at 320 Serangoon Road, also developed by Tong Eng. This freehold, strata-titled commercial development comprises 78 offices, 39 medical suites, and 49 retail units. According to C&W, most strata office units at Centrium Square have been sold between $2,543 psf and $2,777 psf since 2022, reflecting healthy investor and occupier appetite for city-fringe strata offices and reinforcing Jalan Besar’s growing appeal.

The asking prices for strata office units at ARC 380, ranging from $2,904 psf to $3,126 psf, reflect today’s market demand in the Jalan Besar district, says Charles Cheng, senior associate group district director at PropNex. He expects investor interest, along with demand from businesses in nearby industrial buildings seeking to upgrade to professional office spaces.

C&W’s Poh adds that the firm has brokered sales to owner-occupiers relocating their operations to ARC 380 for its convenience and improved work environment. Brilliance Capital’s Lim highlights that the flexible unit sizes and efficient configurations appeal to family offices seeking to acquire entire floors as part of a strategic city-fringe office portfolio. “At around $3,000 psf for a freehold strata office asset, ARC 380 presents an attractive proposition with strong potential for capital appreciation and wealth preservation.”

Nearby, Sim Lim Tower- a freehold strata-titled commercial building completed in 1980- may have interiors that are dated, but transactions at the building have ranged from $2,072 psf to $2,578 psf over the past three years. “The steady churn of transactions at Sim Lim Tower shows that strata offices, even older stock, enjoy sustained demand when located near MRT stations such as Jalan Besar, Rochor, and Bugis,” says Poh. He adds that given the scarcity of new strata office units in Jalan Besar, and the strong resale performance at Centrium Square, the opportunity to acquire modern freehold office units at ARC 380 should not be overlooked.