Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
Far East Plaza is a freehold mixed-use development finished in 1982. It makes up a five-storey retail mall and serviced apartments. The property development is within walking range of Orchard Road MRT Stop.
At Sim Lim Square, 11 strata units with a total strata space of 5,081 sq ft are offered 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 roughly 57 years remaining. According to ERA, most of the units are presently tenanted. The shops face the mall’s main atrium and offer straight accessibility from the escalators and lifts.
Two units rise at Peninsula Plaza, a 999-year leasehold mixed-use property development on North Bridge Roadway. The adjacent ground-floor shop units have a shared strata space of around 990 sq ft and are asking for $8 million, or $8,081 psf.
The outlets can be bought collectively or separately. Individual units are priced from $840,000, whilst the entire portfolio has an asking price of $15.855 million, that ERA says is a 20% discount from its latest valuation. The rate translates to $3,120 psf on the strata place.
Donald Goh, executive of capital markets and investment sales at ERA, states the properties will draw in interest from both property investors and entrepreneur. He notes that strata retail deals in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 deals documented in each area, respectively. Goh adds: “A ground floor unit at Lucky Plaza was sold for $15,242 psf while units at Orchard Towers and The 101 were offered for $5,309 psf and $5,657 psf, respectively, a testimony that strata retail outlets are still an appealing financial investment.”
A selection of 14 retail outlets at Peninsula Plaza, Sim Lim Square and Far East Plaza is offered for sale through an expression of interest (EOI) exercise. ERA Realty Network is promoting the properties, that have a total rate of $26.46 million.
Peninsula Plaza is a 30-storey commercial building done in 1980. It includes a six-story retail platform and a 24-storey workplace tower. The growth is attached to the City Hall MRT Interchange Station, that gives access to both the North-South and East-West lines.
The last standing unit available is at Far East Plaza on Scotts Road. Positioned on the second floor, this freehold retail unit provides a strata floor location of 355 sq ft and deals with the escalator near the shopping center’s main entry. It is marked up at $2.6 million, or $7,324 psf.
Sim Lim Square is a strata-titled commercial project on Rochor Canal Roadway in District 7. Finished in 1987, it has 492 commercial units spread throughout six levels and 2 basement levels.
The EOI will close up on April 17 at 3pm.
