A collection of 14 retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza is available for sale via an expression of interest (EOI) exercise. ERA Realty Network is marketing the properties, which have a total price of $26.46 million.
Two units are located at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. The adjoining ground-floor shop units have a combined strata area of around 990 sq ft and are asking for $8 million, or $8,081 psf.
Peninsula Plaza is a 30-storey commercial development completed in 1980. It features a six-story retail podium and a 24-storey office tower. The development is connected to the City Hall MRT Interchange Station, which provides 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 available for sale. Zoned for commercial use, the units are all on the fifth floor and have a 99-year lease that commenced in April 1983, leaving approximately 57 years remaining. According to ERA, most of the units are currently tenanted. The shops face the mall’s main atrium and provide direct access from the escalators and lifts.
The Sim Lim Square units for sale are all located on the fifth floor (Picture: ERA)
The shops can be purchased collectively or individually. Individual units are priced from $840,000, while the whole portfolio has an asking price of $15.855 million, which ERA says is a 20% discount from its latest valuation. The price translates to $3,120 psf on the strata area.
Sim Lim Square is a strata-titled commercial development on Rochor Canal Road in District 7. Completed in 1987, it has 492 commercial units spread across six floors and two basement levels.
The last remaining unit for sale is at Far East Plaza on Scotts Road. Situated on the second floor, this freehold retail unit offers a strata floor area of 355 sq ft and faces the escalator near the mall’s main entrance. It is priced at $2.6 million, or $7,324 psf.
Far East Plaza is a freehold mixed-use development completed in 1982. It comprises a five-storey retail mall and serviced apartments. The development is within walking distance of Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, says the properties will attract interest from both property investors and business owners. He notes that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 deals recorded in each area, respectively. Goh adds: “A ground floor unit at Lucky Plaza was sold for $15,242 psf while units at Orchard Towers and The 101 were sold for $5,309 psf and $5,657 psf, respectively, a testament that strata retail shops are still an attractive investment.”
The EOI will close on April 17 at 3pm.
