The ERA Realty Network has recently put up for sale a collection of 14 retail shops situated at three popular shopping destinations – Peninsula Plaza, Sim Lim Square and Far East Plaza. This opportunity is open for bidding through an expression of interest (EOI) exercise, with a total price of $26.46 million.
Two of the units are located at Peninsula Plaza, a mixed-use development with a 999-year leasehold. These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft and are priced at $8 million, which translates to $8,081 psf.
Peninsula Plaza, a 30-storey commercial building completed in 1980, boasts 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.
Sim Lim Square, another well-known shopping destination, has 11 strata units available for sale, with a total strata area of 5,081 sq ft. These commercial units, all located on the fifth floor and zoned for commercial use, have a remaining 99-year lease that started in April 1983. Most of the units are currently tenanted and face the mall’s main atrium, with direct access from the escalators and lifts.
The units at Sim Lim Square can be purchased individually or as a whole portfolio. The individual units are priced from $840,000, while the entire portfolio has an asking price of $15.855 million, representing 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 with 492 units spread across six floors and two basement levels. Completed in 1987, it has been a popular shopping destination for decades.
The only remaining unit for sale is at Far East Plaza, located on the second floor and offering a strata floor area of 355 sq ft. This freehold retail unit is priced at $2.6 million, equivalent to $7,324 psf, and faces the escalator near the mall’s main entrance. Far East Plaza, a mixed-use development with a five-storey retail mall and serviced apartments, was completed in 1982 and is within walking distance of Orchard Road MRT Station.
According to Donald Goh, director of capital markets and investment sales at ERA, these properties will attract interest from both property investors and business owners. He points out that last year, despite the challenging market, there were 28 and 33 deals for strata retail units in the Downtown Core and Orchard Planning Area respectively. Goh also mentions that units at Lucky Plaza, Orchard Towers and The 101 were sold for $15,242 psf, $5,309 psf and $5,657 psf respectively, showing that strata retail shops are still a highly desirable 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.