A trio of strata retail units across Orchard, Marine Parade and Bukit Merah is up for sale via expression of interest (EOI), says its exclusive marketing agent, CBRE. The entire portfolio has a collective guide price of $8.3 million, though the units can also be bought individually.
The first retail unit, located in Midpoint Orchard along Orchard Road, has a guide price of $4.8 million or $4,550 psf. According to CBRE, the freehold unit has a strata area of around 1,055 sq ft on level two of the mall and is currently tenanted to a dental clinic. Midpoint Orchard is located within proximity to Somerset MRT Station on the North-South Line and is situated directly behind a bus stop.
The second retail unit is located in Parkway Parade, a 22-storey commercial development that comprises an office tower and a seven-storey retail mall. The mall is located in front of the Marine Parade MRT Station on the Thomson-East Coast Line.
The retail unit has a strata area of about 657 sq ft and has a guide price of $2.2 million, or $3,349 psf. It is located on level five of the mall, within an area dedicated to a medical centre. Currently, the unit is fully tenanted to a dental clinic. CBRE says the unit up for sale is one of the few not held by Parkway Parade Partnership, which owns about 77% of the strata retail lots at the development.
The third property for sale is an HDB shop unit at 163 Bukit Merah Central. Situated on the third floor, it offers a strata area of 840 sq ft and is priced at a guide of $1.3 million, or $1,548 per sq ft. The unit will be sold with vacant possession.
Located within Bukit Merah Town Centre, the retail unit benefits from its proximity to a range of amenities, including a food centre, polyclinic, supermarket, HDB branch office and a variety of retail shops and services.
Clemence Lee, executive director of capital markets at CBRE Singapore, says the units will appeal to both investors and end-users. “The units at Midpoint Orchard and Parkway Parade offer a strong tenant covenant with attractive income, while the one in Bukit Merah offers an ideal operational space for businesses seeking a strategic presence in that area,” he adds.
All three properties are commercial units, which means they are not subjected to additional buyer’s stamp duty or seller’s stamp duty. The EOI exercise is set to close on April 30 at 3pm.
