Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
A selection of 14 retail outlets at Peninsula Plaza, Sim Lim Square and Far East Plaza is readily available for sale through an expression of interest (EOI) exercise. ERA Realty Network is marketing the properties, which have a complete price of $26.46 million.
The last standing unit available is at Far East Plaza on Scotts Road. Positioned on the 2nd floor, this freehold retail unit supplies a strata level location of 355 sq ft and faces the escalator near the shopping center’s main entrance. It is valued at $2.6 million, or $7,324 psf.
Far East Plaza is a freehold mixed-use development finished in 1982. It makes up a five-storey retail shopping mall and serviced apartments. The development is inside walking distance of Orchard Road MRT Station.
The EOI will close on April 17 at 3pm.
The shops can be bought together or individually. Individual units are valued from $840,000, whilst the entire selection has an asking rate of $15.855 million, that ERA says is a 20% discount from its newest valuation. The cost translates to $3,120 psf on the strata place.
Two units stand at Peninsula Plaza, a 999-year leasehold mixed-use property development on North Bridge Road. The adjacent ground-floor shop units have a shared strata area of around 990 sq ft and are asking for $8 million, or $8,081 psf.
Peninsula Plaza is a 30-storey business building finished in 1980. It features a six-story retail platform and a 24-storey office space tower. The development is connected to the City Hall MRT Interchange Location, that offers access to both the North-South and East-West lines.
At Sim Lim Square, 11 strata units with a total strata area 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 currently tenanted. The shops face the mall’s main atrium and offer direct access from the escalators and lifts.
Donald Goh, director of capital markets and financial investment sales at ERA, says the properties are going to attract attention from both property buyers and entrepreneur. He notes that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 contracts documented in each area, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf whilst units at Orchard Towers and The 101 were offered for $5,309 psf and $5,657 psf, respectively, a testimony that strata retail shops are still a desirable financial investment.”
Sim Lim Square is a strata-titled business property on Rochor Canal Roadway in District 7. Finished in 1987, it has 492 commercial units spread across six levels and 2 basement levels.
