A prime opportunity has arisen for potential buyers to acquire a diverse collection of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza. This rare offering is being marketed by ERA Realty Network, with a total asking price of $26.46 million.
A pair of units, boasting a combined strata area of approximately 990 sq ft, are situated at Peninsula Plaza – a 999-year leasehold mixed-use development on North Bridge Road. These ground-floor shops are being offered for $8 million, or $8,081 psf.
Completed in 1980, Peninsula Plaza stands tall at 30 storeys and comprises a six-storey retail podium, as well as a 24-storey office tower. Its enviable location is directly connected to the City Hall MRT Interchange Station, providing convenient access to both the North-South and East-West lines.
Meanwhile, at Sim Lim Square, 11 strata units spanning a total strata area of 5,081 sq ft are up for grabs. These units are zoned for commercial use and are all located on the fifth floor. They come with a 99-year lease that started in April 1983, with approximately 57 years remaining. Currently, most of the units are tenanted. The shops offer a direct view of the mall’s main atrium and are easily accessible via escalators and lifts.
These units are available for purchase either collectively or individually, with prices starting from $840,000 per unit. Alternatively, the entire portfolio is available for $15.855 million, which ERA has priced at a 20% discount from its latest valuation. This translates to a price of $3,120 psf on the strata area.
Located on Rochor Canal Road in District 7, Sim Lim Square is a strata-titled commercial development that was completed in 1987. It comprises 492 commercial units spread across six floors and two basement levels.
Lastly, the remaining retail unit for sale is situated on the second floor of Far East Plaza along Scotts Road. This freehold unit offers a strata floor area of 355 sq ft and is located near the escalator at the mall’s entrance. It is priced at $2.6 million, or $7,324 psf.
In order to invest successfully in Singapore, it is crucial for foreign investors to have a comprehensive understanding of the various regulations and restrictions surrounding property ownership. Unlike landed properties that have stricter ownership rules, foreigners are typically allowed to purchase condos with fewer limitations. However, foreign buyers are required to comply with the Additional Buyer’s Stamp Duty (ABSD) which stands at 20% for their first property purchase. Despite this additional cost, the stability and potential for growth in the Singapore real estate market remains a strong magnet for foreign investment. Singapore Projects are constantly drawing attention from international investors due to their attractive prospects.
Built in 1982, Far East Plaza is a freehold mixed-use development consisting of a five-storey retail mall and serviced apartments. Its prime location is within walking distance to Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, believes that these properties will attract interest from both investors and business owners. He points out that despite the challenging market conditions, there were still 28 and 33 strata retail transactions recorded in the Downtown Core and Orchard Planning Area last year, respectively. Goh adds, “A ground floor unit at Lucky Plaza was recently sold for $15,242 psf, while units at Orchard Towers and The 101 were sold for $5,309 psf and $5,657 psf, respectively. This serves as a testament to the enduring appeal of strata retail shops as an attractive investment.”
The EOI exercise will close on April 17 at 3pm. For more information, interested parties can check out the latest listings for Peninsula Plaza properties.