Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
Far East Plaza is a freehold mixed-use development completed in 1982. It consists of a five-storey retail mall and serviced apartments. The property development is inside walking range of Orchard Road MRT Stop.
The EOI is going to close up on April 17 at 3pm.
Sim Lim Square is a strata-titled commercial property on Rochor Canal Roadway in District 7. Finished in 1987, it has 492 commercial units spread across six floors and 2 basement levels.
The last remaining unit available is at Far East Plaza on Scotts Road. Located on the 2nd floor, this freehold retail unit supplies a strata level area of 355 sq ft and deals with the escalator near the shopping center’s major entryway. It is marked up at $2.6 million, or $7,324 psf.
The shops can be acquired together or separately. Individual units are priced from $840,000, whilst the whole selection has an asking cost of $15.855 million, that ERA says is a 20% discount from its latest valuation. The cost translates to $3,120 psf on the strata location.
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 fifth floor and have a 99-year lease that started in April 1983, leaving roughly 57 years remaining. According to ERA, the majority of the units are presently tenanted. The shops face the mall’s main atrium and give direct connectivity from the escalators and lifts.
Newport Residences condominium
Donald Goh, director of capital markets and investment sales at ERA, mentions the properties will draw in attention from both property clients and entrepreneur. He notes that strata retail revenues in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 transactions recorded 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 outlets are still an attractive financial investment.”
Peninsula Plaza is a 30-storey retail building finished in 1980. It includes a six-story retail platform and a 24-storey office space high rise. The growth is connected to the City Hall MRT Interchange Terminal, which offers access to both the North-South and East-West lines.
Two units lie at Peninsula Plaza, a 999-year leasehold mixed-use project on North Bridge Roadway. The adjacent ground-floor outlet units have a shared strata space of around 990 sq ft and are asking for $8 million, or $8,081 psf.
A list of 14 retail outlets at Peninsula Plaza, Sim Lim Square and Far East Plaza is readily available for sale via an expression of interest (EOI) exercise. ERA Realty Network is promoting the properties, that have a total price of $26.46 million.
