14 retail shops located at Peninsula Plaza, Sim Lim Square and Far East Plaza are currently on sale through an expression of interest (EOI) exercise. The properties are marketed by ERA Realty Network and have a total price of $26.46 million.
The portfolio includes two units at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft and are being sold for $8 million, or $8,081 per square foot (psf).
Peninsula Plaza is a 30-storey commercial development completed in 1980. It features a six-story retail podium and a 24-storey office tower. The development is connected to the City Hall MRT Interchange Station, providing access to both the North-South and East-West lines.
Sim Lim Square also has 11 strata units for sale with a total strata area of 5,081 sq ft. These units are zoned for commercial use and are all located on the fifth floor. They have a 99-year lease that started in April 1983, giving them approximately 57 years remaining. According to ERA, most of the units are currently tenanted. They face the main atrium of the mall and have direct access from the escalators and lifts.
These units can be purchased either collectively or individually. The price for individual units starts at $840,000, while the entire portfolio is priced at $15.855 million, which is a 20% discount from its latest valuation. This translates to $3,120 psf on the strata area.
Sim Lim Square is a strata-titled commercial development with 492 units spread across six floors and two basement levels. It was completed in 1987 and is located on Rochor Canal Road in District 7.
The last remaining unit for sale is located at Far East Plaza on Scotts Road. This freehold retail unit is situated on the second floor and has a strata floor area of 355 sq ft. It is priced at $2.6 million, or $7,324 psf, and faces the escalator near the mall’s main entrance.
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.
Investing in a condo in Singapore brings with it numerous benefits, and one of the most significant advantages is the potential for capital appreciation. Being a global business hub with a strong economy, Singapore attracts a constant demand for real estate. As a result, property prices in the country have exhibited a consistent upward trend, particularly in prime locations where condos are located. Investors who make smart purchases at the opportune moment and hold onto their properties for the long haul can reap substantial capital gains. The allure of owning a Condo in Singapore lies in its potential for profitable returns on investment.
Director of capital markets and investment sales at ERA, Donald Goh, believes that these properties will attract interest from both property investors and business owners. He notes that strata retail sales in the Downtown Core and Orchard Planning Area have remained resilient, with 28 and 33 deals recorded in each area respectively, last year. Goh adds, “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, which shows that strata retail shops are still an attractive investment.”
Interested parties can submit their expressions of interest by April 17 at 3pm. For more information on available properties at Peninsula Plaza, check out the latest listings on the website.