A set of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza are currently available for sale through an expression of interest (EOI) exercise. Marketing for the properties is being handled by ERA Realty Network, with a total price of $26.46 million.
The two units at Peninsula Plaza are part of a 999-year leasehold mixed-use development situated on North Bridge Road. These adjacent ground-floor shop units have a combined strata area of around 990 sq ft and are priced at $8 million or $8,081 psf.
Built in 1980, Peninsula Plaza is a 30-storey commercial development that features a six-story retail podium and a 24-storey office tower. With direct access to the City Hall MRT interchange station, the development provides easy 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 available for sale. Zoned for commercial use, these units are all located on the fifth floor and have a 99-year lease that began in April 1983, with approximately 57 years remaining. According to ERA, most of the units are currently tenanted and face the mall’s main atrium with direct access from the escalators and lifts.
The Sim Lim Square units are available for purchase either individually or as a collective portfolio. The individual units are priced from $840,000, while the entire portfolio is being offered at $15.855 million, which represents a 20% discount from its latest valuation. The price translates to $3,120 psf on the strata area.
Located on Rochor Canal Road in District 7 and completed in 1987, Sim Lim Square is a strata-titled commercial development with 492 units spread across six floors and two basement levels.
Lastly, the final remaining unit for sale is located at Far East Plaza on Scotts Road. This freehold retail unit, situated on the second floor, offers a strata floor area of 355 sq ft and faces the escalator near the mall’s main entrance. It comes with a price tag of $2.6 million, equivalent to $7,324 psf.
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Investing in a condo comes with a host of advantages, one of which is the opportunity to leverage the property’s value for future investments. This means that investors can use their condo as collateral to secure additional financing for new ventures, which can ultimately expand their real estate portfolio. However, it is important to note that while this strategy can potentially amplify returns, it also carries some risks. Therefore, it is imperative to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. With the recent New Condo Launches, the potential for leveraging a condo’s value for further investments has become even more appealing for savvy investors.
Completed in 1982, Far East Plaza is a freehold mixed-use development that comprises a five-storey retail mall and serviced apartments. It’s conveniently within walking distance of Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, believes that the properties will attract interest from both property investors and business owners. He also notes that strata retail sales in the Downtown Core and Orchard Planning Area remained strong last year, with 28 and 33 deals recorded in each 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, showing that strata retail shops are still an attractive investment.”
The EOI for these properties will close on April 17 at 3pm. Those interested can check out the latest listings for Peninsula Plaza properties.