Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
The last standing unit available is at Far East Plaza on Scotts Road. Situated on the second level, this freehold retail unit uses a strata level location of 355 sq ft and encounters the escalator near the shopping center’s major entry. It is marked up at $2.6 million, or $7,324 psf.
Far East Plaza is a freehold mixed-use development finished in 1982. It comprises a five-storey retail shopping mall and serviced apartments. The development is in just walking proximity of Orchard Road MRT Stop.
Donald Goh, executive of capital markets and investment sales at ERA, mentions the properties will bring in interest 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 transactions recorded in each location, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf whilst units at Orchard Towers and The 101 were retailed for $5,309 psf and $5,657 psf, respectively, a testimony that strata retail shops are still a desirable investment.”
Meyer Blue UOL Group & Singapore Land
Sim Lim Square is a strata-titled business development on Rochor Canal Roadway in District 7. Concluded in 1987, it has 492 commercial units spread throughout six levels and two basement levels.
Peninsula Plaza is a 30-storey business building completed in 1980. It features a six-story retail podium and a 24-storey office high rise. The growth is connected to the City Hall MRT Interchange Station, which gives access to both the North-South and East-West lines.
The EOI is going to close up on April 17 at 3pm.
Two units rise at Peninsula Plaza, a 999-year leasehold mixed-use project on North Bridge Roadway. The adjoining ground-floor store units have a shared strata space of around 990 sq ft and are requesting for $8 million, or $8,081 psf.
The outlets can be bought together or individually. Individual units are valued 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 equates to $3,120 psf on the strata place.
At Sim Lim Square, 11 strata units with an overall strata area of 5,081 sq ft are offered 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, the majority of the units are currently tenanted. The shops face the mall’s main atrium and give direct access from the escalators and lifts.
A list of 14 retail outlets 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 promoting the real estates, which have a complete price of $26.46 million.
