Two adjoining strata retail units at prestigious Peninsula Plaza are now available for purchase at a price of $10.9 million. These two units, with a 999-year leasehold and situated on the ground floor, boast a prime location along North Bridge Road.
The first unit has a strata area of 538 sq ft while the second has 581 sq ft, bringing the total to 1,119 sq ft. Based on this total area, the asking price of $10.9 million translates to $9,741 psf. These units are currently tenanted until 2026, providing investors with a gross rental yield of 3%.
According to Nick Chan, the associate director of investment sales & capital markets at Savills Singapore who is handling the sale, these two units have the best street frontage within the development and benefit from consistent foot traffic daily. The last transaction of a ground-floor unit in this building was in August 2022, when a 452 sq ft unit was sold for $4.08 million ($9,025 psf).
Completed in 1980, Peninsula Plaza is a 30-storey mixed-use commercial building with a six-storey retail podium and a 24-storey office tower. It boasts prominent frontages along North Bridge Road, Coleman Street and Coleman Lane, and has a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.
Since the Urban Redevelopment Authority (URA) implemented restrictions on the strata subdivision of commercial properties in the CBD and Orchard corridors in March 2022, strata-titled units with a 999-year or freehold tenure have become highly sought-after. With its impressive location and leasehold tenure, Peninsula Plaza is an attractive investment opportunity for buyers. Don’t miss this chance to add this coveted property to your portfolio.