ERA Realty Network is currently marketing a unique opportunity for investors or business owners to purchase a collection of 14 retail shops in three different locations – Peninsula Plaza, Sim Lim Square, and Far East Plaza. These properties are available for sale through an expression of interest (EOI) exercise, with a total asking price of $26.46 million.
Two of the units are situated at Peninsula Plaza, a mixed-use development with a 999-year leasehold on North Bridge Road. These ground-floor shop units, which are adjacent to each other, have a combined strata area of approximately 990 sq ft. The sellers are asking for $8 million, or $8,081 psf for these units.
Peninsula Plaza is a well-known 30-storey commercial building that was completed in 1980. It boasts a six-story retail podium and a 24-story office tower. The development is conveniently connected to the City Hall MRT Interchange Station, providing easy access to both the North-South and East-West lines.
At Sim Lim Square, there are 11 strata units available for sale, with a total strata area of 5,081 sq ft. These units are all zoned for commercial use and are located on the fifth floor. They have a 99-year lease that began in April 1983, leaving approximately 57 years remaining. According to ERA, most of these units are currently occupied by tenants. The shops face the mall’s main atrium and are easily accessible from the escalators and lifts.
Interested buyers have the option to purchase these units either collectively or individually. The individual units are priced from $840,000, while the whole portfolio has an asking price of $15.855 million. ERA claims that this price is a 20% discount from the latest valuation, translating to $3,120 psf for the strata area.
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Sim Lim Square is a popular commercial development with strata-titled units, located on Rochor Canal Road in District 7. Completed in 1987, it comprises of 492 commercial units spread across six floors and two basement levels.
The last remaining unit for sale is situated at Far East Plaza on Scotts Road. This freehold retail unit, with a strata floor area of 355 sq ft, is on the second floor and is positioned near the escalator, close to the mall’s main entrance. It has an asking price of $2.6 million, or $7,324 psf.
Far East Plaza is another mixed-use development with a freehold status that was completed in 1982. It includes a five-storey retail mall and serviced apartments, and it is conveniently located within walking distance of Orchard Road MRT Station.
Donald Goh, the director of capital markets and investment sales at ERA, believes that these properties will attract interest from both property investors and business owners. He also highlights that the sales of strata retail units in the Downtown Core and Orchard Planning Area remained strong last year, with 28 and 33 deals recorded, respectively. Goh adds that a ground floor unit at Lucky Plaza was sold for $15,242 psf while units at Orchard Towers and The 101 were sold for $5,309 psf and $5,657 psf, respectively. This demonstrates that strata retail shops are still a highly attractive investment option.
The EOI for these properties will close on April 17 at 3pm. Interested buyers can check out the latest listings for Peninsula Plaza properties to learn more about this unique opportunity.