14 Retail Shops Across 3 Popular Shopping Centers Up for Sale
A rare opportunity has arisen for potential buyers to own a total of 14 retail shops located in Peninsula Plaza, Sim Lim Square, and Far East Plaza. The properties, which have a combined price tag of $26.46 million, are being marketed by ERA Realty Network through an expression of interest (EOI) exercise.
Out of the 14 units, two are situated in Peninsula Plaza, a mixed-use development with a 999-year leasehold on North Bridge Road. These adjoining units on the ground floor have a combined strata area of approximately 990 sq ft and are priced at $8 million, which translates to $8,081 per square foot (psf).
Boasting a total of 30 storeys, Peninsula Plaza was completed in 1980 and comprises a six-story retail podium and a 24-storey office tower. What’s more, the development is conveniently connected to the City Hall MRT Interchange Station, providing easy access to both the North-South and East-West lines.
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Another 11 units are up for grabs at Sim Lim Square, a commercial development on Rochor Canal Road with a 99-year lease starting from April 1983 and approximately 57 years remaining. These units, which are zoned for commercial use, are all situated on the fifth floor and have a combined strata area of 5,081 sq ft. Currently, most of the units are tenanted, and they offer direct access from the escalators and lifts to the mall’s main atrium.
Interested buyers can choose to purchase the Sim Lim Square units collectively or individually, with prices starting from $840,000 for a single unit. Alternatively, the entire portfolio can be acquired for $15.855 million, which ERA claims is a 20% discount from the latest valuation. This asking price works out to $3,120 psf on the strata area.
Far East Plaza, a freehold mixed-use development complete in 1982, is the final location of the remaining unit for sale. Located on the second floor, this retail unit has a strata floor area of 355 sq ft and is facing the escalator near the mall’s main entrance. It is priced at $2.6 million, which equates to $7,324 psf.
Far East Plaza comprises of a five-storey retail mall and serviced apartments and is within walking distance to Orchard Road MRT Station.
According to ERA’s director of capital markets and investment sales, Donald Goh, these properties are likely to attract interest from both property investors and business owners. He highlighted that the number of strata retail sales in the Downtown Core and Orchard Planning Area remained steady in 2019, with 28 and 33 transactions recorded in each respective area. He also pointed out that a 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, indicating that strata retail shops are still a desirable investment.
Investing in a Singapore Condo involves more than just purchasing the property. It is important to also take into consideration the maintenance and management aspects of owning a condo. Maintenance fees are a common part of condo ownership and they cover the upkeep of common areas and facilities. While these fees may increase the overall cost, they also ensure that the property remains in good condition and maintains its value. One way to make this investment more passive is by hiring a property management company to handle the day-to-day management of the Singapore Condo. This can provide investors with peace of mind and free up their time for other endeavors.
The EOI exercise for these properties will conclude on April 17 at 3pm. Interested parties can check out the latest listings for Peninsula Plaza properties on ERA’s website.