Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
A collection of 14 retail stores 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 promoting the properties, which have a complete price of $26.46 million.
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 development is within walking range of Orchard Road MRT Terminal.
The EOI is going to close on April 17 at 3pm.
Donald Goh, director of resources markets and financial investment sales at ERA, says the properties are going to attract interest from both property investors and business owners. He indicates that strata retail deals 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 sold for $15,242 psf whilst units at Orchard Towers and The 101 were offered for $5,309 psf and $5,657 psf, respectively, a testament that strata retail shops are still an appealing financial investment.”
At Sim Lim Square, 11 strata units with a total 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 around 57 years remaining. According to ERA, most of the units are currently tenanted. The shops face the mall’s main atrium and give direct access from the escalators and lifts.
Peninsula Plaza is a 30-storey retail property completed in 1980. It includes a six-story retail platform and a 24-storey office high rise. The development is attached to the City Hall MRT Interchange Station, that provides access to both the North-South and East-West lines.
The shops can be purchased collectively or independently. Individual units are valued from $840,000, whilst the entire portfolio has an asking cost of $15.855 million, which ERA says is a 20% discount from its newest valuation. The rate equates to $3,120 psf on the strata area.
The last standing unit for sale is at Far East Plaza on Scotts Road. Situated on the 2nd floor, this freehold retail unit uses a strata level location of 355 sq ft and deals with the escalator near the shopping center’s major entrance. It is valued at $2.6 million, or $7,324 psf.
Sim Lim Square is a strata-titled business development on Rochor Canal Road in District 7. Completed in 1987, it has 492 commercial units spread throughout six levels and two basement levels.
Two units stand at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. The adjoining ground-floor outlet units have a combined strata area of around 990 sq ft and are asking for $8 million, or $8,081 psf.
