Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
Donald Goh, executive of capital markets and financial investment sales at ERA, says the properties will bring in attention from both property investors and businessmen. He notes that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 deals reported in each location, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf while units at Orchard Towers and The 101 were marketed for $5,309 psf and $5,657 psf, respectively, a testament that strata retail stores are still a desirable financial investment.”
Sim Lim Square is a strata-titled business project on Rochor Canal Road in District 7. Completed in 1987, it has 492 commercial units spread across six levels and two basement levels.
Far East Plaza is a freehold mixed-use development completed in 1982. It consists of a five-storey retail shopping center and serviced apartments. The property development is within walking distance of Orchard Road MRT Stop.
The last standing unit for sale is at Far East Plaza on Scotts Road. Situated on the 2nd level, this freehold retail unit offers a strata floor location of 355 sq ft and encounters the escalator near the shopping mall’s main entry. It is priced at $2.6 million, or $7,324 psf.
At Sim Lim Square, 11 strata units with an overall strata area of 5,081 sq ft are available for sale. Zoned for commercial use, the units are all on the fifth flooring 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 give direct access from the escalators and lifts.
The EOI will close on April 17 at 3pm.
The outlets can be acquired collectively or independently. Individual units are priced from $840,000, whilst the entire portfolio has an asking rate of $15.855 million, that ERA says is a 20% discount from its latest valuation. The cost converts to $3,120 psf on the strata area.
Peninsula Plaza is a 30-storey retail property done in 1980. It features a six-story retail podium and a 24-storey business office high rise. The growth is connected to the City Hall MRT Interchange Station, that gives access to both the North-South and East-West lines.
A collection of 14 retail stores at Peninsula Plaza, Sim Lim Square and Far East Plaza is available for sale through an expression of interest (EOI) exercise. ERA Realty Network is presenting the real estates, that have a complete price of $26.46 million.
Two units are located at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Roadway. The adjacent ground-floor outlet units have a shared strata area of around 990 sq ft and are asking for $8 million, or $8,081 psf.
