The Peninsula Plaza is a 30-storey mixed-use commercial building with a six-storey retail podium and a 24-storey office tower. It was built in 1980 and has a leasehold tenure of 999 years. The two adjoining strata retail units situated on the ground floor of Peninsula Plaza are on the market for a total price of $10.9 million. This translates to a price of $9,741 per square foot based on the strata area of the units. The total area of the two units combined is 1,119 square feet, with one unit measuring 538 square feet and the other 581 square feet. The properties are currently tenanted until 2026, and at the asking price, investors can expect a 3% gross rental yield.
Nick Chan, the associate director of investment sales & capital markets at Savills Singapore, who is handling the sale of the units, describes them as “arguably the best” within the development due to their prominent frontage along North Bridge Road and high foot traffic.
Built in 1980, Peninsula Plaza is a 999-year, 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. The development also has a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.
According to Chan, since the Urban Redevelopment Authority (URA) restricted the strata subdivision of new commercial properties in the CBD and Orchard corridors in March 2022, strata-titled units with 999-year and freehold tenures have become highly sought-after.
The last transaction of a ground-floor retail unit in Peninsula Plaza was in August 2022, when a 452 square feet unit was sold for $4.08 million, or $9,025 per square foot, based on a caveat lodged then.
For more listings in Peninsula Plaza, check out the following properties:
– Six commercial units in Peninsula Plaza launched for sale from $8.6 million
– Portfolio of four retail units in Peninsula Plaza for sale at $50.8 million
– Retail units at Peninsula Plaza on sale for $26.2 million
In conclusion, the two adjoining strata retail units at Peninsula Plaza offer a unique investment opportunity due to their high visibility and strategic location. With limited supply of strata-titled units in prime areas, they are highly sought-after and have potential for long-term capital appreciation. Interested buyers can contact Savills Singapore for more information and to schedule a private viewing.