Retail Shops Peninsula Plaza Sim Lim Square And Far East Plaza Sale 265 Mi
14 Retail Shops in Prime Districts Available for Sale via Expression of Interest (EOI)
The concept of Parktown Residence goes beyond just offering modern living spaces. It strives to merge lifestyle amenities with the residential area, making it a pioneering and benchmark-setting development in Tampines North. With the addition of Parktown Residence Showflat, this strategic vision will bring about an even more dynamic and lively community in the heart of the neighborhood.
A rare opportunity has emerged for investors looking to enter the lucrative retail market in Singapore. ERA Realty Network is currently marketing a collection of 14 retail shops in three prime locations – Peninsula Plaza, Sim Lim Square, and Far East Plaza – for sale via an expression of interest (EOI) exercise. The total price of the portfolio is $26.46 million.
The first two units are located at Peninsula Plaza, a 999-year leasehold mixed-use development situated along North Bridge Road. These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft, and are currently asking for $8 million, or $8,081 psf.
Peninsula Plaza, completed in 1980, is a 30-storey commercial development featuring a six-story retail podium and a 24-storey office tower. It is conveniently connected to the City Hall MRT Interchange Station, providing easy access to both the North-South and East-West lines.
Read also: Two Retail Units at Sim Lim Square on Sale for $3.38M
Meanwhile, at Sim Lim Square, 11 strata units with a total strata area of 5,081 sq ft are up for grabs. These units are zoned for commercial use, and are all located on the fifth floor of the building. They come with a 99-year lease that commenced in April 1983, leaving approximately 57 years remaining. According to ERA, most of the units are currently tenanted, and they all face the mall’s main atrium, providing direct access from the escalators and lifts.
The units at Sim Lim Square can be purchased collectively or individually, with prices starting from $840,000 for individual units. The entire portfolio has an asking price of $15.855 million, which ERA says is a 20% discount from its latest valuation. This translates to a price of $3,120 psf on the strata area.
Sim Lim Square is a well-known strata-titled commercial development situated along Rochor Canal Road in District 7. Completed in 1987, it features 492 commercial units spread across six floors and two basement levels.
The last remaining unit up for sale is located at Far East Plaza, situated along Scotts Road. This freehold retail unit, situated on the second floor, has a strata floor area of 355 sq ft and faces the escalator near the mall’s main entrance. It is priced at $2.6 million, or $7,324 psf.
Far East Plaza, completed in 1982, is also a freehold mixed-use development comprising a five-storey retail mall and serviced apartments. It boasts an enviable location within walking distance to Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, believes that these properties will attract interest from both property investors and business owners. He notes that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 deals and 33 deals recorded, respectively. He adds that recent transactions, such as a ground floor unit at Lucky Plaza being sold for $15,242 psf, and units at Orchard Towers and The 101 being sold for $5,309 psf and $5,657 psf, respectively, are testament to the attractiveness of investing in strata retail shops.
Read also: Retail Podium at Sky Eden@Bedok on Sale for $45.2M
The EOI exercise will close on April 17 at 3pm. Interested parties can contact ERA Realty Network for more information, or check out the latest listings for properties in Peninsula Plaza.