An expression of interest (EOI) is being conducted by ERA Realty Network for the sale of a collection of 14 retail shops at Peninsula Plaza, Sim Lim Square, and Far East Plaza. These properties are being marketed as a package deal for a total price of $26.46 million.
Two of the units are located at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. These ground-floor shop units connected to each other have a combined strata area of approximately 990 sq ft and are priced at $8 million, or $8,081 psf.
Completed in 1980, Peninsula Plaza is a 30-storey commercial development consisting of a six-story retail podium and a 24-storey office tower. It is conveniently linked 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 being offered for sale. These units have commercial zoning and are all located on the fifth floor with a 99-year lease that started in April 1983, leaving around 57 years remaining. Most of the units are currently tenanted, and they face the mall’s main atrium with direct access from escalators and lifts.
These Sim Lim Square units can be bought individually or as a portfolio. Individual units are priced from $840,000, while the entire collection has an asking price of $15.855 million, which ERA claims to be a 20% discount from its most recent evaluation. This price translates to $3,120 psf of the strata area.
Situated on Rochor Canal Road in District 7, Sim Lim Square is a strata-titled commercial development completed in 1987. It has a total of 492 commercial units spread across six floors and two basement levels.
The last available unit for sale is at Far East Plaza, located on the second floor and offering a strata floor area of 355 sq ft. Facing the escalator near the mall’s main entrance, this freehold retail unit is priced at $2.6 million, or $7,324 psf.
Securing financing is a vital factor when considering an investment in a condo. In Singapore, there are various mortgage opportunities available, but it is crucial to have a clear understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework dictates the maximum amount of loan that a borrower can obtain, based on their income and current debt obligations. As a wise investor, it is essential to comprehend the TDSR and seek guidance from financial advisors or mortgage brokers to make well-informed decisions about financing. This approach can help prevent over-leveraging and ensure a successful investment in a condo.
Completed in 1982, Far East Plaza is a freehold mixed-use development consisting of a five-storey retail mall and serviced apartments. It is within walking distance of Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, believes that these properties will attract both investors and business owners. He mentions that last year, despite the challenges, there were still 28 and 33 successful strata retail sales in the Downtown Core and Orchard Planning 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, proving that strata retail shops remain an attractive investment.”
The EOI will close on April 17 at 3pm. Interested parties are encouraged to check out the available listings for Peninsula Plaza properties.
RELATED NEWS
Six commercial units in Peninsula Plaza launched for sale from $8.6 million
A portfolio of four retail units in Peninsula Plaza for sale at $50.8 million
Retail units at Peninsula Plaza on sale for $26.2 million