Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
Donald Goh, director of capital markets and financial investment sales at ERA, mentions the properties will draw in interest from both property investors and businessmen. He notes that strata retail revenues in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 contracts reported in each place, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf whilst units at Orchard Towers and The 101 were marketed for $5,309 psf and $5,657 psf, respectively, a testimony that strata retail stores are still an appealing financial investment.”
The EOI will close up on April 17 at 3pm.
Two units stand at Peninsula Plaza, a 999-year leasehold mixed-use 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.
Sim Lim Square is a strata-titled commercial project on Rochor Canal Road in District 7. Completed in 1987, it has 492 commercial units spread across six levels and two basement levels.
Peninsula Plaza is a 30-storey business property done in 1980. It features a six-story retail platform and a 24-storey office tower. The growth is attached to the City Hall MRT Interchange Station, which offers access to both the North-South and East-West lines.
At Sim Lim Square, 11 strata units with an overall strata space 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 started 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 provide straight access from the escalators and lifts.
The last standing unit available is at Far East Plaza on Scotts Road. Located on the second level, this freehold retail unit supplies a strata floor area of 355 sq ft and deals with the escalator near the shopping mall’s main entry. It is priced at $2.6 million, or $7,324 psf.
Far East Plaza is a freehold mixed-use development completed in 1982. It makes up a five-storey retail shopping center and serviced apartments. The development is within walking distance of Orchard Road MRT Stop.
The outlets can be acquired together or separately. Individual units are priced from $840,000, while the entire portfolio has an asking price of $15.855 million, which ERA says is a 20% discount from its newest valuation. The price converts to $3,120 psf on the strata area.
A list of 14 retail stores 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 real estates, which have a total cost of $26.46 million.
