Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
The last remaining unit for sale is at Far East Plaza on Scotts Road. Situated on the second level, this freehold retail unit provides a strata floor area of 355 sq ft and deals with the escalator near the mall’s major entryway. It is priced at $2.6 million, or $7,324 psf.
Sim Lim Square is a strata-titled commercial development on Rochor Canal Road in District 7. Concluded in 1987, it has 492 commercial units spread throughout six levels and 2 basement levels.
The shops can be purchased collectively or separately. Individual units are priced from $840,000, while the whole selection has an asking cost of $15.855 million, that ERA says is a 20% discount from its newest valuation. The cost translates to $3,120 psf on the strata place.
Two units stand at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Roadway. The adjoining ground-floor store units have a combined strata space of around 990 sq ft and are seeking $8 million, or $8,081 psf.
Peninsula Plaza is a 30-storey commercial building completed in 1980. It features a six-story retail podium and a 24-storey business office tower. The development is linked to the City Hall MRT Interchange Terminal, which provides accessibility to both the North-South and East-West lines.
Far East Plaza is a freehold mixed-use development completed in 1982. It comprises a five-storey retail shopping mall and serviced apartments. The development is in just walking range of Orchard Road MRT Station.
A selection of 14 retail shops 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 marketing the real estates, that have a complete rate of $26.46 million.
At Sim Lim Square, 11 strata units with an overall strata space of 5,081 sq ft are available for sale. Zoned for commercial use, the units are all on the 5th floor and have a 99-year lease that started in April 1983, leaving around 57 years remaining. According to ERA, the majority of the units are currently tenanted. The shops face the mall’s main atrium and provide direct accessibility from the escalators and lifts.
The EOI will close on April 17 at 3pm.
Donald Goh, director of capital markets and financial investment sales at ERA, states the properties will bring in interest from both property buyers 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 documented in each location, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf while units at Orchard Towers and The 101 were retailed for $5,309 psf and $5,657 psf, respectively, a testament that strata retail stores are still an appealing investment.”
