A set of 14 retail establishments located at Peninsula Plaza, Sim Lim Square, and Far East Plaza is currently up for sale through an invitation for interested buyers to express their desire for purchasing the properties. The marketing of these establishments is being handled by ERA Realty Network, with a total asking price of $26.46 million.
Out of these 14 units, two are situated at Peninsula Plaza, a mixed-use development on North Bridge Road with a 999-year leasehold. These ground-floor units are connected and have a combined strata area of approximately 990 sq ft, priced at $8 million or $8,081 psf. Peninsula Plaza was constructed in 1980 and consists of a retail podium spanning six storeys and a 24-storey office tower. The development is conveniently linked to the City Hall MRT Interchange Station, providing access to both the North-South and East-West lines.
There are also 11 commercial units available for sale at Sim Lim Square, with a total strata area of 5,081 sq ft. These units, zoned for commercial use, are all situated on the fifth floor and hold a 99-year lease that began in April 1983, leaving approximately 57 years remaining. Most of the units are currently leased out, according to ERA. Facing the main atrium of the mall and with direct access from escalators and lifts, these units are priced at $840,000 each. The entire portfolio can also be purchased together at a discounted price of $15.855 million, translating to $3,120 psf on the strata area. Sim Lim Square was completed in 1987 and boasts of 492 commercial units spread across six storeys and two basement levels.
There is one remaining freehold unit for sale at Far East Plaza, located on the second floor and offering a strata floor area of 355 sq ft. Priced at $2.6 million or $7,324 psf, this retail unit faces the escalator near the mall’s main entrance. Far East Plaza was completed in 1982 and comprises a five-storey retail mall and serviced apartments. It is situated within walking distance to Orchard Road MRT Station.
Director of capital markets and investment sales at ERA, Donald Goh, believes that these properties will attract both property investors and business owners. He highlights that retail sales of strata units in the Downtown Core and Orchard Planning Area remained robust last year, with 28 and 33 transactions, respectively. Goh also states 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, a testament that strata retail shops are still an attractive investment.”
The EOI for these properties will close on April 17 at 3pm. Interested buyers can check out the latest listings for properties at Peninsula Plaza.