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ABOUT 19,000 square feet (sq ft) of retail space on the fourth level of the freehold Orchard Towers is being sold for S$54.5 million.

The price works out to S$2,825 per square foot based on a total strata area of 19,289 sq ft.

Under a sale and purchase agreement inked about two weeks ago, the property is being bought by Cornerstone Heritage, whose shareholders include Yang Tuck Yoong and Daphne Yip. The couple are the founders and senior pastors at Cornerstone Community Church. The remaining shareholder, Timothy Chong, is also a pastor at the church.

Based on information on its website, the church has been located in The Odeon Katong, at 11 East Coast Road, since 1997; it owns some space in the building. The church also conducts services at a couple of Golden Village halls at the Bugis+ mall, owned by CapitaLand Integrated Commercial Trust.

In a note on the Cornerstone Community Church website elaborating on the acquisition of the space at Orchard Towers, Pastor Yang said that the church had been seeking additional space for several years to accommodate its expanding community. “Our congregation at Cornerstone Bugis is growing, and many attendees with children would benefit from a Cornerstone location closer to central Singapore,” he added.