A pair of adjacent strata retail units at Peninsula Plaza are currently on the market for an asking price of $10.9 million. These 999-year leasehold units, located on the ground floor, boast a prominent frontage along North Bridge Road.
The strata area of each unit measures at 538 sq ft and 581 sq ft respectively, bringing the total combined area to 1,119 sq ft. This translates to an asking price of $9,741 psf based on the strata area. The units are currently tenanted until 2026, offering investors a 3% gross rental yield.
“The two units are arguably the best within the development in terms of street frontage, benefitting from consistently strong footfall every day,” says Nick Chan, Savills Singapore’s associate director of investment sales & capital markets. He is handling the sale of the units on a private treaty basis.
Peninsula Plaza is a 999-year, 30-storey mixed-use commercial building featuring a six-storey retail podium and a 24-storey office tower that was built in 1980. Its strategic location along North Bridge Road, Coleman Street, and Coleman Lane give it high visibility and accessibility. The building also has a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.
The last transaction for a ground-floor retail unit at Peninsula Plaza was in August 2022, when a 452 sq ft unit was sold for $4.08 million ($9,025 psf) based on a lodged caveat.
Ever since the URA implemented restrictions on strata subdivision of commercial properties in the CBD and Orchard corridors in March 2022, Chan notes that there has been an increase in demand for strata-titled units with 999-year and freehold tenures. This makes the two units at Peninsula Plaza even more sought-after.
When it comes to real estate investments, location is key, and this is particularly evident in Singapore. Condominiums strategically located in central areas or near important amenities such as schools, shopping centers, and public transportation hubs have a higher chance of increasing in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown a strong growth in property values. Additionally, being in close proximity to reputable schools and educational institutions only adds to the appeal of these condos, making them highly sought-after by families and further solidifying their potential as a smart investment choice. For more information on Singapore’s top real estate projects, visit Singapore Projects.
Don’t miss the opportunity to own a piece of prime strata retail space at Peninsula Plaza. Contact Savills for more information on the units currently available.