14 Retail Shops at Peninsula Plaza, Sim Lim Square, and Far East Plaza Available for Sale
A collection of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza are now up for sale through an expression of interest exercise. The properties are being marketed by ERA Realty Network with a total price of $26.46 million.
Two of the retail units are situated at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft and are being sold for $8 million, or $8,081 psf.
Completed in 1980, Peninsula Plaza is a 30-storey commercial development consisting of a six-storey retail podium and a 24-storey office tower. The development is linked to the City Hall MRT Interchange Station, providing convenient access to both the North-South and East-West lines.Read also: Two retail units at Sim Lim Square for sale at $3.38 milAdvertisementAdvertisement11 strata units with a total strata area of 5,081 sq ft are up for sale at Sim Lim Square. These units are zoned for commercial use and are all located on the fifth floor with a 99-year lease starting from April 1983, leaving approximately 57 years remaining. According to ERA, most of the units are currently tenanted and face the mall’s main atrium, providing direct access from the escalators and lifts.The retail units at Sim Lim Square can be purchased individually or collectively, with prices starting from $840,000 for individual units. The entire portfolio is priced at $15.855 million, which ERA says is a 20% discount from its latest valuation. This translates to a price of $3,120 psf on the strata area.
Sim Lim Square is a strata-titled commercial development located on Rochor Canal Road in District 7. It was completed in 1987 and features 492 commercial units spread across six floors and two basement levels.
The last remaining unit for sale is situated at Far East Plaza on Scotts Road. This freehold retail unit is located on the second floor and offers a strata floor area of 355 sq ft, facing the escalator near the mall’s main entrance. It is being sold for $2.6 million, or $7,324 psf.
Far East Plaza is a freehold mixed-use development completed in 1982, featuring a five-storey retail mall and serviced apartments. The development is 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 notes that strata retail sales in the Downtown Core and Orchard Planning Area have remained resilient last year, with 28 and 33 deals recorded 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, proving that strata retail shops are still an attractive investment.”Read also: Retail podium at Sky Eden@Bedok up for sale at $45.2 milAdvertisementAdvertisementThe EOI exercise will close on April 17 at 3pm. For the latest listings of Peninsula Plaza properties, please visit our website.RELATED NEWSSix commercial units in Peninsula Plaza launched for sale from $8.6 milPortfolio of four retail units in Peninsula Plaza for sale at $50.8 milRetail units at Peninsula Plaza on sale for $26.2 mil