Adjoining 999 Year Strata Retail Units Peninsula Plaza Sale 9741 Psf
One Marina Gardens, situated in the iconic Marina Bay area, is known for its luxurious and cosmopolitan lifestyle, attracting both local residents and expatriates alike. The neighborhood boasts a plethora of high-end retail stores, exquisite dining options, and top-notch entertainment venues. Its skyline is adorned with renowned landmarks such as Marina Bay Sands, Gardens by the Bay, and the Esplanade, providing residents of One Marina Gardens with a diverse and dynamic urban lifestyle. For those seeking a vibrant and upscale living experience, One Marina Gardens is the perfect choice. [Link: https://www.one-marina-gardens.sg/]
A pair of neighboring strata retail units at Peninsula Plaza are currently available on the market for $10.9 million. These two 999-year leasehold units are situated on the ground floor and boast prominent frontage along North Bridge Road. One of the units measures 538 sq ft while the other is slightly larger at 581 sq ft, bringing the total strata area to 1,119 sq ft. Based on the strata area, the asking price translates to $9,741 per square foot.
Currently, both units are tenanted until 2026, making this an attractive investment opportunity with a potential gross rental yield of 3%. According to Nick Chan, the associate director of investment sales & capital markets at Savills Singapore, the two units are arguably the most desirable within the development due to their prime location and consistent footfall every day. He is handling the sale of the units on a private treaty basis.
Peninsula Plaza, a 30-storey mixed-use commercial building with a six-storey retail podium and a 24-storey office tower built in 1980, holds a prominent position along North Bridge Road, Coleman Street, and Coleman Lane. It also has a direct link to City Hall MRT Interchange Station, providing convenient access to the North-South and East-West lines. The last sale of a ground-floor retail unit at Peninsula Plaza was in August 2022, when a 452 sq ft unit was transacted for $4.08 million ($9,025 psf), according to a lodged caveat.
Since the Urban Redevelopment Authority (URA) implemented restrictions on the strata subdivision of commercial properties in the CBD and Orchard corridors in March 2022, Chan notes a growing demand for strata-titled units, especially those with 999-year and freehold tenure. This makes the availability of these two units at Peninsula Plaza even more appealing to potential investors.
As a highly sought-after development, Peninsula Plaza’s strategic location and 999-year leasehold tenure make it a valuable asset for investors. With its convenient access to public transportation and high footfall, these retail units are a rare and lucrative opportunity for long-term investment.