Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
Two units are located at Peninsula Plaza, a 999-year leasehold mixed-use property development on North Bridge Road. The adjacent ground-floor shop units have a combined strata space of around 990 sq ft and are seeking $8 million, or $8,081 psf.
Peninsula Plaza is a 30-storey commercial property done in 1980. It features a six-story retail podium and a 24-storey business office high rise. The development is linked to the City Hall MRT Interchange Station, that provides access to both the North-South and East-West lines.
At Sim Lim Square, 11 strata units with an entire strata area 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 began in April 1983, leaving about 57 years remaining. According to ERA, most of the units are currently tenanted. The shops face the mall’s main atrium and offer direct access from the escalators and lifts.
Donald Goh, executive of resources markets and investment sales at ERA, states the properties will draw in interest from both property clients and business owners. He notes that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 contracts documented in each area, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf whilst units at Orchard Towers and The 101 were retailed for $5,309 psf and $5,657 psf, respectively, a testament that strata retail shops are still an appealing financial investment.”
The EOI will close up on April 17 at 3pm.
A selection of 14 retail stores at Peninsula Plaza, Sim Lim Square and Far East Plaza is readily available for sale through an expression of interest (EOI) exercise. ERA Realty Network is presenting the properties, which have a complete cost of $26.46 million.
The last standing unit available is at Far East Plaza on Scotts Road. Situated on the 2nd level, this freehold retail unit offers a strata floor location of 355 sq ft and encounters the escalator near the mall’s main entrance. It is valued at $2.6 million, or $7,324 psf.
The stores can be acquired collectively or separately. Individual units are priced from $840,000, whilst the whole profile has an asking rate of $15.855 million, that ERA says is a 20% discount from its latest valuation. The price converts to $3,120 psf on the strata location.
Far East Plaza is a freehold mixed-use development finished in 1982. It makes up a five-storey retail shopping mall and serviced apartments. The development is in just walking distance of Orchard Road MRT Stop.
Sim Lim Square is a strata-titled business development on Rochor Canal Roadway in District 7. Concluded in 1987, it has 492 commercial units spread across six floors and two basement levels.
