Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
Donald Goh, director of resources markets and financial investment sales at ERA, mentions the properties are going to attract attention from both property buyers and business owners. He indicates that strata retail revenues in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 deals recorded 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 offered for $5,309 psf and $5,657 psf, respectively, a testament that strata retail outlets are still an attractive financial investment.”
A collection of 14 retail stores 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 marketing the properties, which have a total cost of $26.46 million.
Sim Lim Square is a strata-titled commercial property on Rochor Canal Roadway in District 7. Concluded in 1987, it has 492 commercial units spread throughout six floors and 2 basement levels.
The shops can be acquired collectively or separately. Individual units are valued from $840,000, whilst the entire portfolio has an asking price of $15.855 million, that ERA says is a 20% discount from its latest valuation. The price translates to $3,120 psf on the strata place.
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 fifth floor and have a 99-year lease that commenced in April 1983, leaving around 57 years remaining. According to ERA, most of the units are currently tenanted. The shops face the mall’s main atrium and give direct accessibility from the escalators and lifts.
Two units lie at Peninsula Plaza, a 999-year leasehold mixed-use project on North Bridge Road. The adjacent ground-floor store units have a shared strata space of around 990 sq ft and are requesting for $8 million, or $8,081 psf.
The last standing unit for sale is at Far East Plaza on Scotts Road. Positioned on the second floor, this freehold retail unit provides a strata level area of 355 sq ft and deals with the escalator near the mall’s major entry. It is marked up at $2.6 million, or $7,324 psf.
Peninsula Plaza is a 30-storey business building completed in 1980. It features a six-story retail platform and a 24-storey office high rise. The development is attached to the City Hall MRT Interchange Station, which gives access to both the North-South and East-West lines.
The EOI will close on April 17 at 3pm.
Far East Plaza is a freehold mixed-use development finished in 1982. It comprises a five-storey retail shopping mall and serviced apartments. The development is inside walking range of Orchard Road MRT Stop.
