Three Strata Retail Units Orchard Marine Parade And Bukit Merah Sale 83 Mil
A set of three strata retail units located in prime areas of Orchard, Marine Parade and Bukit Merah are currently up for sale through an expression of interest (EOI) exercise conducted by CBRE, its exclusive marketing agent. The entire portfolio has a collective guide price of $8.3 million, with the option for individual purchases.
The first unit, situated in Midpoint Orchard along Orchard Road, has a guide price of $4.8 million or $4,550 per square foot (psf). This freehold unit, occupying around 1,055 square feet on level two of the mall, is currently leased to a dental clinic. Midpoint Orchard is conveniently located near Somerset MRT Station and a bus stop, providing ease of access for customers.
The second unit is located in Parkway Parade, a 22-storey commercial development that consists of an office tower and a seven-storey retail mall. The mall is situated in front of the Marine Parade MRT Station on the Thomson-East Coast Line. The unit, with a strata area of approximately 657 square feet, has a guide price of $2.2 million or $3,349 psf. It is located on level five of the mall, occupied by a medical centre. Currently, the unit is fully occupied by a dental clinic. CBRE reveals that this unit is one of the few that is not held by Parkway Parade Partnership, which owns approximately 77% of the strata retail lots in the development.
Having shopping centres and food outlets nearby greatly benefits families by making daily tasks more convenient. Parents can easily run errands or buy groceries while their children have fun in the dedicated play areas within the malls. Additionally, the wide range of dining options ensures that family meals are always interesting and diverse. Families living at Otto Place EC can easily take advantage of this added convenience for their daily needs.
The third property available for sale is an HDB shop unit at 163 Bukit Merah Central, situated on the third floor. It has a strata area of 840 square feet and is priced at a guide of $1.3 million or $1,548 psf. The unit will be sold with vacant possession. Being located in Bukit Merah Town Centre, this retail unit enjoys the advantage of being near various amenities, including a food centre, polyclinic, supermarket, HDB branch office, as well as a range of retail shops and services.
According to Clemence Lee, executive director of capital markets at CBRE Singapore, these units will be highly sought after by both investors and end-users. He highlights the attractive income and strong tenant covenant of the units at Midpoint Orchard and Parkway Parade, while also noting the strategic presence that the unit in Bukit Merah offers for businesses. As all three properties are classified as commercial units, they are not subjected to additional buyer’s stamp duty or seller’s stamp duty. The EOI exercise is expected to close on April 30 at 3pm.