A group of 14 retail shops situated in Peninsula Plaza, Sim Lim Square, and Far East Plaza are being offered for sale through an expression of interest (EOI) exercise. ERA Realty Network is the marketing agent for the properties, which have a combined price of $26.46 million.
Two of the shops are located in Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. These ground-floor units have a combined strata area of about 990 sq ft and are being offered for $8 million, or $8,081 psf.
Peninsula Plaza is a 30-storey commercial development constructed in 1980. It includes a six-story retail podium and a 24-storey office tower. The development is linked to the City Hall MRT Interchange Station, providing easy access to both the North-South and East-West lines.
At Sim Lim Square, 11 strata units with a total strata area of 5,081 sq ft are available for purchase. These units, which are zoned for commercial use, are all located on the fifth floor and have a 99-year lease that began in April 1983, leaving approximately 57 years remaining. According to ERA, most of the units are currently occupied by tenants. They face the main atrium of the mall and can be easily reached via escalators and lifts.
The 11 units at Sim Lim Square can be acquired either collectively or individually. Individual units are being offered for prices starting from $840,000, while the entire portfolio has a price tag of $15.855 million. ERA claims that this is a 20% discount from the latest valuation. It translates to a price of $3,120 psf on the strata area.
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Sim Lim Square is a strata-titled commercial development situated on Rochor Canal Road in District 7. It was completed in 1987 and comprises 492 commercial units spread across six floors and two basement levels.
The final remaining unit for sale is located at Far East Plaza on Scotts Road. This freehold retail unit, situated on the second floor, has a strata floor area of 355 sq ft and faces the escalator near the main entrance of the mall. It is being offered for $2.6 million, or $7,324 psf.
Far East Plaza is a freehold mixed-use development completed in 1982. It includes a five-storey retail mall and serviced apartments. The development is within walking distance of Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, believes that the properties will attract interest from both property investors and business owners. He highlights that in the past year, strata retail sales in the Downtown Core and Orchard Planning Area have remained strong, with 28 and 33 transactions recorded, respectively. Goh notes: “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, proving that strata retail shops are still a profitable investment.”
The EOI for these properties will close on April 17 at 3pm. Interested parties can find out more about the available listings for properties in Peninsula Plaza.