Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
The shops can be acquired collectively or independently. Individual units are priced from $840,000, whilst the entire portfolio has an asking cost 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 area.
Peninsula Plaza is a 30-storey business development completed in 1980. It includes a six-story retail platform and a 24-storey office space high rise. The growth is linked to the City Hall MRT Interchange Location, that offers accessibility to both the North-South and East-West lines.
At Sim Lim Square, 11 strata units with an overall strata area of 5,081 sq ft are available for sale. Zoned for commercial use, the units are all on the 5th flooring and have a 99-year lease that began in April 1983, leaving around 57 years remaining. According to ERA, the majority of the units are presently tenanted. The shops face the mall’s main atrium and provide straight connectivity from the escalators and lifts.
Sim Lim Square is a strata-titled business property on Rochor Canal Road in District 7. Concluded in 1987, it has 492 commercial units spread across six levels and two basement levels.
A list of 14 retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza is readily available for sale via an expression of interest (EOI) exercise. ERA Realty Network is presenting the properties, that have an overall price of $26.46 million.
Far East Plaza is a freehold mixed-use development finished in 1982. It makes up a five-storey retail shopping mall and serviced apartments. The property development is inside walking proximity of Orchard Road MRT Station.
The EOI is going to close on April 17 at 3pm.
Two units lie at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Roadway. The adjacent ground-floor outlet units have a shared strata space of around 990 sq ft and are requesting for $8 million, or $8,081 psf.
Donald Goh, director of resources markets and financial investment sales at ERA, states the properties will bring in attention from both property buyers and business owners. He notes that strata retail deals in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 transactions recorded in each area, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf while units at Orchard Towers and The 101 were offered for $5,309 psf and $5,657 psf, respectively, a testament that strata retail stores are still an attractive investment.”
The last standing unit for sale is at Far East Plaza on Scotts Road. Positioned on the second level, this freehold retail unit uses a strata floor area of 355 sq ft and deals with the escalator near the shopping mall’s major entryway. It is marked up at $2.6 million, or $7,324 psf.
