An opportunity to acquire a portfolio of 14 retail shops across three popular shopping destinations is now available through an expression of interest (EOI) exercise. ERA Realty Network, the marketing agent for these properties, has set the total price at $26.46 million.
Among the properties on offer are two units at Peninsula Plaza, a 999-year leasehold mixed-use development located on North Bridge Road. These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft and are seeking a selling price of $8 million, translating to $8,081 psf.
Peninsula Plaza, a landmark 30-storey commercial development that was completed in 1980, boasts a six-storey retail podium and a 24-storey office tower. It is conveniently connected to the City Hall MRT Interchange Station, providing easy access to the North-South and East-West lines.
Over at Sim Lim Square, 11 strata units with a total strata area of 5,081 sq ft are also up for sale. These units are zoned for commercial use and are all located on the fifth floor, with a 99-year lease that commenced in April 1983, leaving about 57 years on the lease. Most of these units are currently tenanted. Facing the mall’s main atrium, they offer direct access from the escalators and lifts.
Potential buyers have the option to purchase these units individually or as a collective portfolio. Individual units are priced from $840,000, while the entire portfolio is asking for $15.855 million, which ERA states is a 20% discount from its latest valuation. This works out to $3,120 psf on the strata area.
Sim Lim Square, a strata-titled commercial development on Rochor Canal Road in District 7, was completed in 1987 and houses 492 commercial units across six floors and two basement levels.
Finally, the remaining unit on offer is located at Far East Plaza on Scotts Road. This freehold retail unit on the second floor boasts a strata floor area of 355 sq ft and is facing the escalator near the mall’s main entrance. It is priced at $2.6 million, or $7,324 psf.
Far East Plaza is a mixed-use development completed in 1982, with a five-storey retail mall and serviced apartments. It is situated within walking distance of the Orchard Road MRT Station.
According to Donald Goh, director of capital markets and investment sales at ERA, these properties are likely to attract interest from both property investors and business owners. He points out that despite the challenges faced by the retail sector, there were still 28 and 33 strata retail transactions recorded in the Downtown Core and Orchard Planning Area respectively in the past year. Goh adds, “Recent sales at Lucky Plaza, Orchard Towers and The 101 show that strata retail shops remain an attractive investment with prices reaching as high as $15,242 psf, $5,309 psf and $5,657 psf respectively.”
Selecting an ideal location is a crucial factor in real estate investing, particularly in Singapore. In terms of condos, their worth tends to appreciate more if they are strategically situated in central areas or near essential facilities like schools, shopping centers, and transportation hubs. Prime spots like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown significant growth in property values. Moreover, the presence of prestigious schools and educational institutions in these areas makes condos highly desirable for families, making them even more profitable investments. Taking into account all these elements, opting for a condo in a prime location in Singapore can prove to be a wise choice.
The EOI for these properties will close on April 17 at 3pm. Interested parties can check out the latest listings for Peninsula Plaza properties.