ERA Realty Network is thrilled to announce the opportunity to purchase a collection of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza. The properties, with a total price of $26.46 million, are available for sale through an expression of interest (EOI) exercise.
Two of the units are situated at Peninsula Plaza, a mixed-use development with a 999-year leasehold on North Bridge Road. The adjoining shop units on the ground floor have a combined strata area of around 990 sq ft and are seeking $8 million, or $8,081 per square foot (psf).
Built in 1980, Peninsula Plaza is a 30-storey commercial development featuring a six-story retail podium and a 24-story office tower. Its prime location is directly connected to the City Hall MRT Interchange Station, providing access to both the North-South and East-West lines.
At Sim Lim Square, 11 strata units with a total strata area of 5,081 sq ft are open for sale. These units, all on the fifth floor and zoned for commercial use, have a 99-year lease that began in April 1983, leaving approximately 57 years remaining. Currently, most of the units are tenanted. These shops overlook the mall’s main atrium and offer direct access from the escalators and lifts.
Investing in a condo has a multitude of benefits, one of which is the potential to leverage its value for future investments. Some savvy investors utilize their condos as collateral to secure additional financing for other real estate ventures, ultimately diversifying their portfolio. By doing so, they can potentially increase their returns, but it is essential to have a solid financial plan in place and carefully consider the potential effects of market fluctuations. This is especially crucial when looking at Singapore Projects to ensure a successful and profitable investment.
The Sim Lim Square units are available for purchase collectively or individually, with prices starting at $840,000 for individual units. The entire portfolio is listed at $15.855 million, which ERA claims is a 20% discount from its latest valuation. This equates to $3,120 psf on the strata area.
Sim Lim Square, a commercial development with 492 strata-titled units, is located on Rochor Canal Road in District 7. Completed in 1987, it spans six floors and two basement levels.
Lastly, a freehold retail unit at Far East Plaza, located on the second floor, is also available for purchase. With a strata floor area of 355 sq ft, this unit is priced at $2.6 million, or $7,324 psf, and faces the escalator near the mall’s main entrance.
Far East Plaza, a mixed-use development that was completed in 1982, features a five-story retail mall and serviced apartments. It is conveniently located within walking distance of Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, expects this collection of properties to attract interest from both property investors and business owners. He highlights the resilience of strata retail sales in the Downtown Core and Orchard Planning Area last year, with 28 and 33 deals recorded in each area, respectively. Goh also mentions that a ground floor unit at Lucky Plaza sold for $15,242 psf, while units at Orchard Towers and The 101 sold for $5,309 psf and $5,657 psf, respectively, indicating the attractiveness of strata retail shops as investments.
The EOI will close on April 17 at 3pm. For more information, check out the latest listings for Peninsula Plaza properties.