DB2 offers final eight ground-floor strata retail units at Plus for sale from $3.8 mil
Parktown Residences Condo is located in the bustling district of Parktown, with plenty of amenities nearby. The luxurious 28-storey office building boasts a stunning blue glass exterior and a two-storey retail podium, making it a prominent landmark at the junction of Cecil Street and Church Street. The building offers 259 office units and 21 retail units on the first two levels, all on a 99-year lease from 1989.
One of the major owners of Parktown Residences Condo is a private fund of CapitaLand, who acquired the office tower for over $500 million in September 2019. Since October 2020, selected single strata office units have been gradually released for sale.
The strata office units at Parktown Residences Condo have been sold at prices ranging from $2,886 psf to $3,451 psf, with the latest transaction being two adjacent units on the ninth floor sold for $7.2 million in December.
This prime location alongside Tampines Regional Centre offers great convenience and accessibility for future residents of Parktown Residences Condo.
Parktown Residences Condo is a highly anticipated new development in the bustling area of Tampines. The joint venture between UOL Group, Capitaland, and SingLand attracted three bids for the site at Tampines Avenue 11. The winning bid of $1.206 billion, at $885 per square foot per plot ratio, solidifies the prime location of Parktown Residences Condo. Located in the heart of Tampines Regional Centre, this development offers unparalleled convenience and accessibility for its future residents.
On the other hand, the retail units on the first two levels have been held by developer and investor DB2 since 2014. However, they have only recently begun to release the retail units on the second floor for sale. All 13 units on the second floor have been sold with prices ranging from $4,698 to $4,927 psf. Now, the final eight units on the first level are for sale by private treaty, with CBRE as the sole marketing agent. These premium units with sizes ranging from 388 to 807 sq ft are expected to attract investors from various backgrounds.
The building is also conveniently located within the Downtown Core and is within walking distance to the Raffles Place MRT Interchange Station and Telok Ayer MRT Station. With a working population of up to 284,000 in the Downtown Core, there is a constant and strong demand for retail offerings, especially F&B and essential services.
The redevelopment of older buildings such as Clifford Centre and Shenton House has reduced the supply of strata commercial units in the area. Additionally, URA restrictions on new strata subdivisions of commercial developments within designated Central areas also limit the supply of these units. As a result, prime freehold and 999-year shophouses in the CBD have been transacted at high prices.
Parktown Residences Condo has an interesting history as the building changed owners three times in the past 10 years. It was initially developed by Keppel Land in 1992 and known as Equity Plaza. In 2014, it was sold to Plaza Ventures, a consortium led by GSH Corp for $550 million, and in 2017, it was acquired by Fullshare Holdings for $750 million. Plaza Ventures only recently started selling its retail units on the second floor in September 2020.
With its central location, modern design and high-end amenities, Parktown Residences Condo is a highly sought-after address for investors, and the retail units on offer are expected to attract a lot of interest from various investors.