A selection of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza are now available for purchase through an expression of interest (EOI) exercise. The assignment of marketing these properties has been given to ERA Realty Network, with a total price of $26.46 million.
The two units at Peninsula Plaza, a mixed-use development with a 999-year leasehold on North Bridge Road, are up for grabs. These adjacent ground-floor shop units have a combined strata area of approximately 990 sq ft and are listed at $8 million or $8,081 psf.
Built in 1980, Peninsula Plaza is a 30-storey commercial building that features a six-storey retail podium and a 24-storey office tower. Its location is convenient as it is connected to the City Hall MRT Interchange Station, which gives access to both the North-South and East-West lines.
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At Sim Lim Square, 11 strata units are being offered for sale, with a total strata area of 5,081 sq ft. These units are commercial-zoned and located on the fifth floor, with a 99-year lease that started in April 1983, leaving around 57 years remaining. According to ERA, the majority of the units are currently occupied by tenants. These shops face the mall’s main atrium and have direct access from the escalators and lifts.
All the Sim Lim Square units are located on the fifth floor (Picture: ERA)
The shops can be bought collectively or individually, with prices starting from $840,000 for individual units. The entire portfolio is listed at $15.855 million, which ERA believes is a 20% markdown from the latest valuation. This price translates to $3,120 psf based on the strata area.
Sim Lim Square is a strata-titled commercial development situated on Rochor Canal Road in District 7. It has 492 commercial units spread over six floors and two basement levels and was completed in 1987.
The last remaining unit for sale is at Far East Plaza on Scotts Road. This freehold retail unit is located on the second floor, has a strata floor area of 355 sq ft, and faces the escalator near the main entrance of the mall. The asking price is $2.6 million, which amounts to $7,324 psf.
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Far East Plaza is a freehold mixed-use development that was completed in 1982. It comprises a five-storey retail mall and serviced apartments and is within walking distance to 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 highlights that strata retail sales in the Downtown Core and Orchard Planning Area were resilient last year, with 28 and 33 deals recorded in each area, respectively. Goh also notes 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, a testament that strata retail shops are still an attractive investment.”
Read also: Retail podium at Sky Eden@Bedok up for sale at $45.2 mil
The EOI exercise will close on April 17 at 3pm. For more information, please check out the latest listings for Peninsula Plaza properties.