A portfolio of 14 retail shops, located at Peninsula Plaza, Sim Lim Square and Far East Plaza, is available for sale through an expression of interest (EOI) exercise. The marketing agent for the properties is ERA Realty Network, with a total price of $26.46 million for the entire portfolio.
The collection includes two units at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft and are priced at $8 million, or $8,081 per square foot.
Built in 1980, Peninsula Plaza is a 30-storey commercial development featuring a six-storey retail podium and a 24-storey office tower. It is well-connected to the City Hall MRT Interchange Station, providing easy access to both the North-South and East-West lines.
At Sim Lim Square, a strata-titled commercial development on Rochor Canal Road, 11 units on the fifth floor are also up for sale. These units have a total strata area of 5,081 sq ft and are zoned for commercial use. The 99-year lease for these units started in April 1983, leaving approximately 57 years remaining. Most of the units are currently occupied by tenants and face the main atrium of the mall, with direct access from the escalators and lifts.
The Sim Lim Square units can be purchased individually or as a collective portfolio. The individual units are priced from $840,000, while the entire portfolio is being offered for $15.855 million, which ERA says is a 20% discount from its latest valuation. This translates to a price of $3,120 per square foot on the strata area.
Completed in 1987, Sim Lim Square has 492 commercial units spread over six floors and two basement levels. The last remaining unit for sale is located at Far East Plaza on Scotts Road. This freehold retail unit is situated on the second floor, offering a strata floor area of 355 sq ft, with a price tag of $2.6 million, or $7,324 per square foot. It faces the escalator near the mall’s main entrance. Far East Plaza was built in 1982 and consists of a five-storey retail mall and serviced apartments. It is within walking distance of Orchard Road MRT Station.
Donald Goh, Director of Capital Markets and Investment Sales at ERA, says the properties will attract interest from both property investors and business owners. He points out that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year with 28 and 33 deals recorded in these areas respectively. Goh adds, “A ground-floor unit at Lucky Plaza sold for $15,242 per square foot, while units at Orchard Towers and The 101 were sold for $5,309 and $5,657 per square foot respectively, which is a testament to the attractiveness of strata retail shops as an investment.”
The EOI exercise will close on April 17 at 3pm. Interested parties can check out the latest listings for Peninsula Plaza properties at ERA’s website.