Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
The stores can be purchased together or separately. Individual units are valued from $840,000, while the entire portfolio has an asking price of $15.855 million, which ERA says is a 20% discount from its latest valuation. The price converts to $3,120 psf on the strata location.
The last standing unit for sale is at Far East Plaza on Scotts Road. Located on the 2nd level, this freehold retail unit offers a strata level location of 355 sq ft and deals with the escalator near the shopping center’s main entrance. It is priced at $2.6 million, or $7,324 psf.
A collection of 14 retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza is available for sale through an expression of interest (EOI) exercise. ERA Realty Network is marketing the real estates, that have a total price of $26.46 million.
Marina View Residences IOI Propeties
Peninsula Plaza is a 30-storey retail property done in 1980. It features a six-story retail podium and a 24-storey business office tower. The development is connected to the City Hall MRT Interchange Station, that provides accessibility to both the North-South and East-West lines.
Far East Plaza is a freehold mixed-use development finished in 1982. It consists of a five-storey retail shopping center and serviced apartments. The development is in just walking proximity of Orchard Road MRT Station.
Sim Lim Square is a strata-titled commercial development on Rochor Canal Road in District 7. Finished in 1987, it has 492 commercial units spread throughout six levels and two basement levels.
The EOI will close on April 17 at 3pm.
Donald Goh, director of capital markets and investment sales at ERA, states the properties are going to attract interest from both property buyers and businessmen. He notes that strata retail sales in the Downtown Core and Orchard Planning Area remained resilient last year, with 28 and 33 transactions reported 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 marketed for $5,309 psf and $5,657 psf, respectively, a testament that strata retail outlets are still a desirable investment.”
Two units rise at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Roadway. The adjacent ground-floor outlet units have a combined strata area of around 990 sq ft and are seeking $8 million, or $8,081 psf.
At Sim Lim Square, 11 strata units with an entire strata area of 5,081 sq ft are offered for sale. Zoned for commercial use, the units are all on the fifth floor and have a 99-year lease that started in April 1983, leaving about 57 years remaining. According to ERA, the majority of the units are currently tenanted. The shops face the mall’s main atrium and provide direct connectivity from the escalators and lifts.
