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Tong Eng Group, a private property developer and investment firm owned by the Teo family, has recently put up more than 50 strata-titled office units and nine retail units for sale at ARC 380, a prominent freehold commercial building located at the junction of Lavender Street and Jalan Besar.
Completed in 2018, the 16-storey ARC 380 comprises of 12 office floors, a ground-floor retail podium, and three levels of car parking space. It also features 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 being offered for sale at a price of over $90 million. The office units available for purchase include the entire 10th and 14th floors, as well as the 15th and 16th floors which are currently leased to WeWork.
Each office floor has a strata area of 9,375 sq ft and can be divided into 12 smaller units. Individual units on the 10th floor are available for purchase, while the entire floor is priced at $28.29 million ($3,017 psf). Similarly, the entire 14th floor is available at $29.06 million ($3,099 psf). Other office units available 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) 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, only a portion of the units were released to the market. Tong Eng Group retained the remaining units as investment properties over the past decade. However, between 2020 and 2022, only five office units at ARC 380 changed hands. Transactions included 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, also on the seventh floor, which fetched $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: “There is a new wave of creative, technology, and professional services companies who value the accessibility, character, and vibrancy of this location.”
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 of 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,” she says.
Nearby, Sim Lim Tower – a freehold strata-titled commercial building completed in 1980 – may have dated interiors, but transaction prices 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. “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.”