Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
A collection of 14 retail stores at Peninsula Plaza, Sim Lim Square and Far East Plaza is available for sale through an expression of interest (EOI) exercise. ERA Realty Network is promoting the real estates, which have an overall rate of $26.46 million.
Two units lie at Peninsula Plaza, a 999-year leasehold mixed-use project on North Bridge Roadway. The adjoining ground-floor outlet units have a combined strata space of around 990 sq ft and are requesting for $8 million, or $8,081 psf.
Donald Goh, executive of capital markets and financial investment sales at ERA, mentions the properties are going to draw in attention from both property clients and business owners. He notes that strata retail revenues in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 contracts reported in each place, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf whilst units at Orchard Towers and The 101 were marketed for $5,309 psf and $5,657 psf, respectively, a testimony that strata retail stores are still an appealing financial investment.”
The stores can be bought collectively or individually. Individual units are valued from $840,000, whilst the whole portfolio has an asking price of $15.855 million, that ERA says is a 20% discount from its newest valuation. The price equates to $3,120 psf on the strata place.
Sim Lim Square is a strata-titled commercial project on Rochor Canal Road in District 7. Completed in 1987, it has 492 commercial units spread throughout six floors and 2 basement levels.
At Sim Lim Square, 11 strata units with a total strata space of 5,081 sq ft are available for sale. Zoned for commercial use, the units are all on the 5th floor and have a 99-year lease that started in April 1983, leaving roughly 57 years remaining. According to ERA, most of the units are currently tenanted. The shops face the mall’s main atrium and provide direct connectivity from the escalators and lifts.
The last remaining unit for sale is at Far East Plaza on Scotts Road. Positioned on the second floor, this freehold retail unit offers a strata level location of 355 sq ft and faces the escalator near the shopping center’s main entry. It is valued at $2.6 million, or $7,324 psf.
Far East Plaza is a freehold mixed-use development completed in 1982. It comprises a five-storey retail shopping mall and serviced apartments. The property development is inside walking proximity of Orchard Road MRT Stop.
Peninsula Plaza is a 30-storey commercial property finished in 1980. It features a six-story retail platform and a 24-storey business office high rise. The development is connected to the City Hall MRT Interchange Terminal, that offers accessibility to both the North-South and East-West lines.
The EOI is going to close up on April 17 at 3pm.
