A group of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza is now up for sale through an expression of interest (EOI) exercise. These properties are being marketed by ERA Realty Network and have a total price of $26.46 million.
Among the properties for sale are two units at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. These adjoining ground-floor shops have a combined strata area of around 990 sq ft and are asking for $8 million, or $8,081 psf. Peninsula Plaza is a 30-storey commercial development that was completed in 1980 and features a six-story 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, there are 11 strata units with a total strata area of 5,081 sq ft available for sale. These units are zoned for commercial use and are all located on the fifth floor. They have a 99-year lease that commenced in April 1983, with approximately 57 years remaining. According to ERA, most of the units are currently tenanted and face the mall’s main atrium. They also offer direct access from the escalators and lifts. These units can be purchased collectively or individually, with individual units priced at $840,000 and the entire portfolio having an asking price of $15.855 million, which ERA states is a 20% discount from its latest valuation. This translates to $3,120 psf on the strata area.
Sim Lim Square is a strata-titled commercial development on Rochor Canal Road in District 7. It was completed in 1987 and has 492 commercial units spread across six floors and two basement levels. The only remaining unit for sale is located at Far East Plaza on Scotts Road, a freehold mixed-use development completed in 1982. Situated on the second floor, this retail unit has a strata floor area of 355 sq ft and faces the escalator near the mall’s main entrance. It is priced at $2.6 million, or $7,324 psf. Far East Plaza comprises a five-storey retail mall and serviced apartments and is within walking distance of Orchard Road MRT Station.
Director of capital markets and investment sales at ERA, Donald Goh, believes that these properties will attract interest from both property investors and business owners. He notes that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 deals recorded in each area, respectively. Goh adds: “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, showing that strata retail shops are still a desirable investment.”
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The EOI for these properties will close on April 17 at 3pm. Interested parties can check out the latest listings for Peninsula Plaza properties.