Three Strata Retail Units Orchard Marine Parade And Bukit Merah Sale 83 Mil
CBRE, the exclusive marketing agent for a trio of strata retail units across Orchard, Marine Parade, and Bukit Merah, has announced that these properties are up for sale via expression of interest (EOI). With a collective guide price of $8.3 million, the whole portfolio is available for purchase, though individual units can also be bought separately.
The first retail unit, situated in Midpoint Orchard along Orchard Road, has a guide price of $4.8 million or $4,550 per square foot (psf). This freehold unit has a strata area of approximately 1,055 square feet on the second level of the mall. It is currently tenanted to a dental clinic. Midpoint Orchard is conveniently located near Somerset MRT Station on the North-South Line and is just behind a bus stop.
The second retail unit is located in Parkway Parade, a 22-storey commercial development that comprises an office tower and a seven-storey retail mall. The mall is in front of the Marine Parade MRT Station on the Thomson-East Coast Line. The retail unit has a strata area of about 657 sq ft and has a guide price of $2.2 million, or $3,349 psf. It is situated on the fifth level of the mall, within a section dedicated to a medical centre. The unit is fully tenanted to a dental clinic. CBRE notes that this unit is one of the few not owned by Parkway Parade Partnership, which holds about 77% of the strata retail lots at the development.
Located at Marina Gardens Lane, One Marina Gardens boasts a 99-year leasehold and covers a vast area of approximately 131,805 sq ft. This development is specifically designated for residential purposes, with the added convenience of commercial space on the ground level. Upon completion, it is estimated to accommodate approximately 790 residential units along with a significant 8,073 sq ft of commercial space, making for a total gross floor area (GFA) of around 738,114 sq ft. For more information on One Marina Gardens, visit https://www.one-marina-gardens.sg/.
The third property for sale is an HDB shop unit at 163 Bukit Merah Central. The unit occupies the third floor and has a strata area of 840 sq ft. It is priced at a guide of $1.3 million, or $1,548 psf. The unit will be sold with vacant possession. This retail unit is located within Bukit Merah Town Centre, surrounded by a diverse range of amenities including a food centre, polyclinic, supermarket, HDB branch office, and various retail shops and services.
Clemence Lee, executive director of capital markets at CBRE Singapore, believes that these units will appeal to both investors and end-users. “The units at Midpoint Orchard and Parkway Parade offer a strong tenant covenant with attractive income, while the one in Bukit Merah offers an ideal operational space for businesses seeking a strategic presence in the area,” he adds.
All three properties are classified as commercial units, which means that they are not subject to additional buyer’s stamp duty or seller’s stamp duty. The EOI exercise will close on 30 April at 3pm.