Retail Shops Peninsula Plaza Sim Lim Square And Far East Plaza Sale 265 Mi
14 Retail Shops at Peninsula Plaza, Sim Lim Square, and Far East Plaza Available for Sale via EOI Exercise
A group of 14 retail outlets, located in Peninsula Plaza, Sim Lim Square, and Far East Plaza, is up for sale through an expression of interest (EOI) exercise. ERA Realty Network is the appointed marketing agent for the properties, with a total price tag of $26.46 million.
Two of the units are situated in Peninsula Plaza, a mixed-use development with a 999-year leasehold along North Bridge Road. The adjacent ground-floor shop units have a combined strata area of approximately 990 sq ft and are listed for sale at $8 million or $8,081 per square foot.
“We have a vision to develop top-notch ECs that take advantage of the convenient facilities available in the upcoming Tengah township, the nearby Jurong Lake District, and the Second CBD,” states Wong Swee Chun, chairman of Hoi Hup Realty. With the addition of Otto Place EC Plantation Close Parcel B, we are confident in creating high-quality homes that meet the evolving needs and desires of our residents.
Peninsula Plaza is a 30-storey commercial development completed in 1980, featuring a six-story retail podium and a 24-storey office tower. It is conveniently linked to the City Hall MRT Interchange Station, providing easy access to both the North-South and East-West lines.
Read also: Two retail units at Sim Lim Square for sale at $3.38 mil
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Sim Lim Square, on the other hand, has 11 strata units occupying a total strata area of 5,081 sq ft. Zoned for commercial use, the units are all located on the fifth floor and come with a 99-year lease starting from April 1983, which leaves about 57 years remaining. According to ERA, most of the units are currently tenanted, and they face the mall’s main atrium, offering direct access from the escalators and lifts.
The Sim Lim Square units are available for sale collectively or individually. The individual units are priced from $840,000, while the entire portfolio is listed at $15.855 million, which ERA states is a 20% discount from the latest valuation. This translates to a price of $3,120 per square foot on the strata area.
Completed in 1987, Sim Lim Square is a strata-titled commercial development on Rochor Canal Road in District 7, featuring 492 commercial units spread across six floors and two basement levels.
The last remaining unit for sale is at Far East Plaza on Scotts Road. Positioned on the second floor, this freehold retail unit offers a strata floor area of 355 sq ft and is situated near the mall’s main entrance, facing the escalator. The listed price is $2.6 million, or $7,324 per square foot.
Far East Plaza is a mixed-use development completed in 1982, comprising a five-storey retail mall and serviced apartments. The development is conveniently located within walking distance of Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, expects interest from both property investors and business owners for these properties. He points out that sales of strata retail properties in the Downtown Core and Orchard areas remained steady last year with 28 and 33 deals recorded, respectively. Goh adds, “A ground floor unit at Lucky Plaza was sold for $15,242 per square foot, while units at Orchard Towers and The 101 were sold for $5,309 per square foot and $5,657 per square foot, respectively, proving that strata retail shops are still a viable investment.”
Read also: Retail podium at Sky Eden@Bedok up for sale at $45.2 mil
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Interested parties may submit their EOI bids until April 17, 3 pm. To check out the latest listings for Peninsula Plaza properties, visit the ERA website.