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 project on North Bridge Road. The adjoining ground-floor outlet units have a combined strata space of around 990 sq ft and are requesting for $8 million, or $8,081 psf.
The outlets can be bought collectively or separately. Individual units are valued from $840,000, whilst the entire profile has an asking cost of $15.855 million, that ERA says is a 20% discount from its newest valuation. The cost converts to $3,120 psf on the strata area.
Peninsula Plaza is a 30-storey commercial development completed in 1980. It features a six-story retail podium and a 24-storey business office high rise. The growth is connected to the City Hall MRT Interchange Location, which provides access to both the North-South and East-West lines.
The Arcady @ Boon Keng condominium
At Sim Lim Square, 11 strata units with an entire strata space of 5,081 sq ft are available for sale. Zoned for commercial use, the units are all on the fifth flooring and have a 99-year lease that started in April 1983, leaving about 57 years remaining. According to ERA, the majority of the units are presently tenanted. The shops face the mall’s main atrium and provide straight access from the escalators and lifts.
Sim Lim Square is a strata-titled commercial project on Rochor Canal Roadway in District 7. Concluded in 1987, it has 492 commercial units spread throughout six floors and two basement levels.
The last standing unit available is at Far East Plaza on Scotts Road. Located on the second floor, this freehold retail unit uses a strata level area of 355 sq ft and encounters the escalator near the shopping mall’s main entry. It is marked up at $2.6 million, or $7,324 psf.
The EOI will close up on April 17 at 3pm.
Far East Plaza is a freehold mixed-use development finished in 1982. It consists of a five-storey retail shopping mall and serviced apartments. The development is inside walking range of Orchard Road MRT Terminal.
A selection of 14 retail stores at Peninsula Plaza, Sim Lim Square and Far East Plaza is offered for sale via an expression of interest (EOI) exercise. ERA Realty Network is promoting the real estates, that have a complete cost of $26.46 million.
Donald Goh, director of resources markets and financial investment sales at ERA, says the properties are going to attract interest from both property buyers and entrepreneur. He notes that strata retail deals in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 contracts recorded in each place, respectively. Goh adds: “A ground floor unit at Lucky Plaza was sold for $15,242 psf whilst units at Orchard Towers and The 101 were retailed for $5,309 psf and $5,657 psf, respectively, a testimony that strata retail shops are still an attractive financial investment.”
