Three Strata Retail Units Orchard Marine Parade And Bukit Merah Sale 83 Mil
CBRE, the exclusive marketing agent, has announced that a trio of strata retail units located in Orchard, Marine Parade, and Bukit Merah are up for sale through expression of interest (EOI). The entire portfolio is priced at a collective guide price of $8.3 million, with the option to purchase the units individually.
The first retail unit is situated in Midpoint Orchard along Orchard Road, with a guide price of $4.8 million or $4,550 per square foot (psf). Spanning over 1,055 sq ft on the second level of the mall, this freehold unit is currently occupied by a dental clinic. The location of Midpoint Orchard is ideal, as it is just a short walk from Somerset MRT Station on the North-South Line and is directly behind a bus stop.
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The second retail unit is located in Parkway Parade, a 22-storey commercial development with an office tower and a seven-storey retail mall. The mall is conveniently located in front of the Marine Parade MRT Station on the Thomson-East Coast Line. The unit has a strata area of approximately 657 sq ft and is priced at $2.2 million, or $3,349 psf. It is situated on the fifth level of the mall, within a designated medical centre area. The unit is currently fully tenanted by a dental clinic. CBRE notes that this particular property is one of the few not owned by Parkway Parade Partnership, which holds around 77% of the strata retail lots in the development.
Lastly, the third retail unit for sale is an HDB shop unit at 163 Bukit Merah Central. With a strata area of 840 sq ft, it is situated on the third floor and has a guide price of $1.3 million, or $1,548 psf. The unit will be sold with vacant possession. Located within Bukit Merah Town Centre, this retail unit benefits from its proximity to various amenities, including a food centre, polyclinic, supermarket, HDB branch office, and a variety of retail shops and services.
According to Clemence Lee, executive director of capital markets at CBRE Singapore, these units are attractive 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 that area,” he adds.
All three properties are commercial units, meaning they are not subjected to additional buyer’s stamp duty or seller’s stamp duty. The EOI exercise will close on April 30 at 3pm.