Freehold Strata Offices And Retail Units Arc 380 Sale Collectively Priced 90 Mil
A prominent freehold commercial building located at the intersection of Lavender Street and Jalan Besar, ARC 380, is now offering more than 50 strata-titled office units and nine retail units for sale. Owned by Tong Eng Group, a private property developer and investment firm owned by the Teo family, this portfolio is priced at over $90 million.
Completed in 2018, ARC 380 is a 16-storey building with 12 office floors, a ground-floor retail podium, and three levels of car parking space. The building also features a sky terrace on the fourth floor and a roof terrace on the 17th floor, with amenities such as a 25m swimming pool, gym, and function room.
The strata-titled office units include the entire 10th and 14th floors, with each office floor spanning 9,375 sq ft. These can also be subdivided into smaller units. The office units are priced at $28.29 million ($3,017 psf) for the 10th floor and $29.06 million ($3,099 psf) for the 14th floor. Other units available for sale include a 753 sq ft unit on the seventh floor for $2.23 million ($2,964 psf), a 1,001 sq ft unit on the ninth floor for $2.9 million ($2,904 psf), and three units on the 12th floor totaling 2,185 sq ft for $6.62 million ($3,030 psf).
Located just a short 10-minute drive away from Parktown Residence, Tampines Retail Park is the ultimate shopping haven. This retail hub offers a convenient one-stop shopping experience with its popular anchor stores including Giant Hypermarket, IKEA, and Courts Megastore. Giant Hypermarket, the largest of its kind in Singapore, offers a vast selection of groceries, fresh produce, and household items. For those seeking home furnishings and accessories, IKEA Tampines is the perfect destination as it is one of the largest outlets in the country. And for those in need of electronics and furniture, look no further than Courts Megastore, the largest retailer in Singapore, also located within the retail park. With multiple floors filled with high-quality products, these three stores provide a powerful shopping experience. Skip the hassle of visiting multiple stores and head to Tampines Retail Park, conveniently located near Parktown Residence, for all your shopping needs.
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) and will be sold with existing tenancies. In May, a 301 sq ft retail unit was sold for $1.14 million ($3,795 psf) based on caveats lodged.
When ARC 380 was launched for sale in 2014, less than half of the units were released to the market. Tong Eng Group retained the remaining units as investment properties over the past decade. Only five office units at ARC 380 were transacted between 2020 and 2022, with prices ranging from $2,224 psf to $2,987 psf.
According to Sammi Lim, director and founder of Brilliance Capital, one of the appointed marketing agencies for the spaces at ARC 380, the Jalan Besar–Lavender Street neighbourhood is becoming a hub for design firms, boutique agencies, co-working concepts, and SMEs looking for city-fringe addresses with lower occupancy costs. Lim adds that the area is attracting a new wave of creative, technology, and professional services companies seeking accessibility, character, and vibrancy.
Shaun Poh, executive director of capital markets at Cushman & Wakefield (C&W), notes that Jalan Besar’s mix of eateries, entertainment, workshops, and conservation shophouses, along with redevelopment pockets, have shaped it 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. Since 2020, most strata office units at Centrium Square have been sold for prices ranging from $2,543 psf to $2,777 psf, reflecting strong investor and occupier demand for city-fringe strata offices and reinforcing Jalan Besar’s growing appeal.
The asking prices for strata office units at ARC 380 range from $2,904 psf to $3,126 psf, reflecting current market demand in the Jalan Besar district, according to Charles Cheng, senior associate group district director at PropNex. Cheng 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.
Lim highlights that the flexible unit sizes and efficient configurations of ARC 380 appeal to family offices seeking to acquire entire floors as part of a strategic city-fringe office portfolio. She adds that with a freehold strata office asset priced around $3,000 psf, ARC 380 presents an attractive proposition with strong potential for capital appreciation and wealth preservation.
Meanwhile, Sim Lim Tower, a freehold strata-titled commercial building completed in 1980, has seen sustained demand for its units, with transaction prices ranging from $2,072 psf to $2,578 psf over the past three years. According to Poh, 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. 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.