Three Strata Retail Units Orchard Marine Parade And Bukit Merah Sale 83 Mil
A collection of retail shops located in prime areas of Orchard, Marine Parade and Bukit Merah are now open for purchase through expression of interest, as announced by CBRE, the exclusive marketing agent for the trio of strata retail units. The entire portfolio has a combined guide price of $8.3 million, with the option to purchase each unit separately.
The first retail unit is situated in Midpoint Orchard, along the bustling Orchard Road, with a guide price of $4.8 million or $4,550 per square foot. Spanning an area of approximately 1,055 square feet on the second level of the mall, this freehold unit is currently leased to a dental clinic. Due to its close proximity to Somerset MRT Station and conveniently located behind a bus stop, Midpoint Orchard is a highly sought-after location.
The second retail unit is located on the fifth floor of Parkway Parade, a popular 22-storey commercial development that boasts an office tower and a seven-storey shopping mall. This unit, with a strata area of 657 square feet, is priced at $2.2 million or $3,349 per square foot and is tenanted to a dental clinic under a medical centre. The unit is among the few that are not owned by Parkway Parade Partnership, which holds a majority of the retail units in the development.
The third property on offer is an HDB shop unit at 163 Bukit Merah Central, situated on the third floor with a strata area of 840 square feet and a guide price of $1.3 million or $1,548 per square foot. This unit will be sold with vacant possession and is located in close proximity to a food centre, polyclinic, supermarket, HDB branch office, and a variety of retail shops and services, making it an attractive choice for businesses looking for a strategic presence in the area.
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Clemence Lee, executive director of capital markets at CBRE Singapore, believes that the trio of properties will appeal to both investors and end-users. He notes that the units in Midpoint Orchard and Parkway Parade offer a strong tenant covenant and good rental income, while the unit in Bukit Merah provides an ideal operational space for businesses looking to establish themselves in the area. As all three properties are categorized as commercial units, they are not subject to additional buyer’s stamp duty or seller’s stamp duty. The EOI exercise is set to close on April 30 at 3pm.