A portfolio of 14 retail shops located in Peninsula Plaza, Sim Lim Square, and Far East Plaza is currently available for sale through an expression of interest (EOI) exercise. The properties, which are marketed by ERA Realty Network, have a total asking price of $26.46 million.
The two units at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road, are being sold together for $8 million, or $8,081 per square foot (psf). These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft.
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 conveniently connected to the City Hall MRT Interchange Station, providing easy access to both the North-South and East-West lines.
At Sim Lim Square, 11 strata units on the fifth floor are up for sale with a total strata area of 5,081 sq ft. These units are zoned for commercial use and have a 99-year lease that started in April 1983, with approximately 57 years remaining. Most of the units are currently tenanted, facing the mall’s main atrium with direct access from the escalators and lifts.
The Sim Lim Square units are available for sale either individually or as a collective portfolio, with prices starting from $840,000 for individual units. The entire portfolio has an asking price of $15.855 million, which is stated to be a 20% discount from its latest valuation. This translates to a price of $3,120 psf on the strata area.
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Located in District 7, Sim Lim Square is a strata-titled commercial development completed in 1987 with 492 commercial units spread across six floors and two basement levels.
The last remaining unit for sale is found at Far East Plaza on Scotts Road, situated on the second floor. This freehold retail unit has a strata floor area of 355 sq ft and is priced at $2.6 million, or $7,324 psf. It is located near the mall’s main entrance and faces the escalator.
Far East Plaza, completed in 1982, is a freehold mixed-use development with 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, expects the properties to attract interest from both property investors and business owners. He points out that the strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 deals recorded, respectively. Goh adds that a ground-floor unit at Lucky Plaza was sold for $15,242 psf, while units at Orchard Towers and The 101 were sold for $5,309 psf and $5,657 psf, respectively, proving that strata retail shops are still an attractive investment.
The EOI for these properties will close on April 17 at 3pm. Interested parties can check out the latest listings for Peninsula Plaza properties.