Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
The stores can be bought together or separately. Individual units are valued from $840,000, while the entire profile has an asking cost of $15.855 million, which ERA says is a 20% discount from its newest valuation. The cost converts to $3,120 psf on the strata area.
Donald Goh, director of resources markets and investment sales at ERA, states the properties will bring in interest from both property buyers and entrepreneur. He notes that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 deals reported 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 marketed for $5,309 psf and $5,657 psf, respectively, a testimony that strata retail shops are still an appealing investment.”
A list 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 promoting the real estates, which have a total rate of $26.46 million.
Peninsula Plaza is a 30-storey commercial property completed in 1980. It features a six-story retail podium and a 24-storey workplace tower. The development is attached to the City Hall MRT Interchange Location, that gives accessibility to both the North-South and East-West lines.
Two units rise at Peninsula Plaza, a 999-year leasehold mixed-use property development on North Bridge Roadway. The adjacent ground-floor shop units have a shared strata area of around 990 sq ft and are seeking $8 million, or $8,081 psf.
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 commenced in April 1983, leaving approximately 57 years remaining. According to ERA, the majority of the units are currently tenanted. The shops face the mall’s main atrium and offer straight accessibility from the escalators and lifts.
Far East Plaza is a freehold mixed-use development completed in 1982. It consists of a five-storey retail shopping mall and serviced apartments. The development is in just walking range of Orchard Road MRT Terminal.
The EOI is going to close up on April 17 at 3pm.
The last standing unit for sale is at Far East Plaza on Scotts Road. Situated on the second floor, this freehold retail unit offers a strata floor location of 355 sq ft and encounters the escalator near the shopping mall’s main entrance. It is priced at $2.6 million, or $7,324 psf.
Sim Lim Square is a strata-titled commercial project on Rochor Canal Road in District 7. Concluded in 1987, it has 492 commercial units spread across six levels and two basement levels.
