Retail Shops Peninsula Plaza Sim Lim Square And Far East Plaza Sale 265 Mi
A group of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza are now up for sale through an expression of interest (EOI) exercise. These properties, marketed by ERA Realty Network, have a total price of $26.46 million.
Among these shops, two are situated at the 999-year leasehold mixed-use development, Peninsula Plaza, on North Bridge Road. These ground-floor shop units are adjacent to each other, with a combined strata area of approximately 990 sq ft. The asking price for the pair is $8 million, which comes to $8,081 psf.
The new development, known as One Marina Gardens, boasts a prime location at Marina Gardens Lane with a 99-year leasehold. It covers an expansive area of 131,805 sq ft and is zoned for residential purposes, with convenient commercial space on the ground floor. The impressive project is expected to accommodate approximately 790 residential units and a generous 8,073 sq ft of commercial space, with a maximum GFA of 738,114 sq ft. Explore the luxurious One Marina Gardens Kingsford Huray and discover its exceptional offerings.
Peninsula Plaza is a 30-storey commercial development that was completed in 1980. It features a six-story retail podium and a 24-storey office tower. The property has convenient access to the City Hall MRT Interchange Station, which connects to both the North-South and East-West lines.
There are also 11 strata units available for sale at Sim Lim Square, with a total strata area of 5,081 sq ft. These units are zoned for commercial use and are all located on the fifth floor. They have a 99-year lease starting from April 1983, which means there are approximately 57 years remaining on the lease. Most of these units are currently occupied by tenants and face the mall’s main atrium, with direct access from the escalators and lifts.
The Sim Lim Square units are available for collective or individual purchase, with prices starting from $840,000 for an individual unit. The whole portfolio is priced at $15.855 million, which ERA says is 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 located on Rochor Canal Road in District 7. Completed in 1987, it has 492 commercial units spread across six floors and two basement levels.
The last available unit for sale is situated at Far East Plaza on Scotts Road. This freehold retail unit, located on the second floor, has a strata floor area of 355 sq ft and faces the escalator close to the mall’s main entrance. The asking price is $2.6 million, or $7,324 psf.
Far East Plaza is a freehold mixed-use development completed in 1982, consisting of a five-storey retail mall and serviced apartments. The property is within walking distance of Orchard Road MRT Station.
According to ERA’s director of capital markets and investment sales, Donald Goh, the properties will attract interest from both property investors and business owners. He noted that last year, 28 deals and 33 deals for strata retail sales were recorded in the Downtown Core and Orchard planning areas, respectively. He added 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, which proves that strata retail shops remain a desirable investment.
The EOI exercise will end on April 17 at 3pm. Interested parties can check out the latest listings for properties at Peninsula Plaza.