Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
Two units stand at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. The adjacent ground-floor outlet units have a combined strata space of around 990 sq ft and are asking for $8 million, or $8,081 psf.
The last standing unit available is at Far East Plaza on Scotts Road. Located on the 2nd floor, this freehold retail unit offers a strata level location of 355 sq ft and encounters the escalator near the mall’s major entryway. It is priced at $2.6 million, or $7,324 psf.
Sim Lim Square is a strata-titled business property on Rochor Canal Roadway in District 7. Finished in 1987, it has 492 commercial units spread throughout six floors and 2 basement levels.
At Sim Lim Square, 11 strata units with a total strata area of 5,081 sq ft are offered for sale. Zoned for commercial use, the units are all on the fifth 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 currently tenanted. The shops face the mall’s main atrium and give straight connectivity from the escalators and lifts.
A list of 14 retail stores at Peninsula Plaza, Sim Lim Square and Far East Plaza is offered for sale through an expression of interest (EOI) exercise. ERA Realty Network is marketing the real estates, that have a total rate of $26.46 million.
Far East Plaza is a freehold mixed-use development finished in 1982. It makes up a five-storey retail mall and serviced apartments. The development is inside walking proximity of Orchard Road MRT Station.
Donald Goh, executive of resources markets and financial investment sales at ERA, says the properties will draw in interest from both property investors and businessmen. He indicates that strata retail revenues in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 transactions reported in each location, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf whilst units at Orchard Towers and The 101 were marketed for $5,309 psf and $5,657 psf, respectively, a testimony that strata retail shops are still an attractive investment.”
The EOI is going to close up on April 17 at 3pm.
The stores can be acquired collectively or separately. Individual units are valued from $840,000, while the entire portfolio has an asking rate 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 location.
Peninsula Plaza is a 30-storey business development done in 1980. It features a six-story retail platform and a 24-storey office tower. The growth is linked to the City Hall MRT Interchange Terminal, which provides access to both the North-South and East-West lines.
