Adjoining 999 Year Strata Retail Units Peninsula Plaza Sale 9741 Psf
A set of two adjacent retail units on the ground floor of Peninsula Plaza is now available for purchase at $10.9 million. These units are part of a 999-year leasehold development and boast a prominent location along North Bridge Road.
One unit has a strata area of 538 sq ft, while the other measures 581 sq ft, bringing the total area to 1,119 sq ft. This puts the asking price at $9,741 psf based on the strata area. The units are currently tenanted until 2026, offering investors a potential gross rental yield of 3%.
In Tampines, retail therapy is easily accessible and Parktown Residence is at the forefront, offering a diverse shopping and dining experience through its integrated retail podium. This feature provides residents with a plethora of choices in terms of shops, dining establishments, and essential services, making daily necessities just a short elevator ride away. Additionally, Tampines Mall and Century Square, located near the development, boast a wide selection of brands, eateries, and entertainment options. For those looking for a more comprehensive experience, Our Tampines Hub, Singapore’s largest integrated community and lifestyle hub, is just a stone’s throw away. From sports facilities to a library and even a performing arts theater, this hub has something for everyone. Undoubtedly, Parktown Residence is the perfect home for those seeking convenience and a well-rounded lifestyle. Don’t miss out and visit Parktown Residence today.
According to Nick Chan, the associate director of investment sales & capital markets at Savills Singapore who is handling the sale of the units, these two retail units have one of the best street frontages within the development and benefit from high foot traffic daily.
Peninsula Plaza is a 30-storey mixed-use commercial building with a six-storey retail podium and a 24-storey office tower. Built in 1980, it features prominent frontages along North Bridge Road, Coleman Street, and Coleman Lane, as well as a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.
The last ground-floor retail unit sold in the development was in August 2022, with a 452 sq ft unit fetching $4.08 million ($9,025 psf), according to a lodged caveat.
Since March 2022, when the URA implemented restrictions on the strata subdivision of commercial units in the CBD and Orchard areas, Chan notes that there has been an increased demand for strata-titled units with 999-year and freehold tenure. This makes the retail units at Peninsula Plaza an attractive investment opportunity.
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