A group of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza are currently up for sale through an expression of interest (EOI) process. The properties are being marketed by ERA Realty Network and have a combined price of $26.46 million.
Of the 14 shops, two are located at Peninsula Plaza, a mixed-use development on North Bridge Road with a 999-year lease. These ground-floor units have a combined strata area of around 990 sq ft and are listed for sale at $8 million, or $8,081 psf. Peninsula Plaza is a 30-storey commercial building completed in 1980, consisting of a six-story retail podium and a 24-story office tower. It is connected to the City Hall MRT Interchange Station, providing convenient access to both the North-South and East-West lines.
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At Sim Lim Square, there are 11 strata units available for sale on the fifth floor. These units, which have a total strata area of 5,081 sq ft, are zoned for commercial use and come with a 99-year lease that began in April 1983, leaving approximately 57 years remaining. Most of the units are currently occupied by tenants, with direct access from the escalators and lifts facing the mall’s main atrium. ERA states that these units can be bought individually or collectively, with prices starting from $840,000 for a single unit. The entire portfolio is listed for $15.855 million, representing a 20% discount from its latest valuation. This translates to a price of $3,120 psf for the strata area.
Sim Lim Square is a strata-titled commercial development located on Rochor Canal Road in District 7, with 492 commercial units spread across six floors and two basement levels. The last remaining unit for sale is located on the second floor of Far East Plaza on Scotts Road. This freehold retail unit has a strata floor area of 355 sq ft and is listed for $2.6 million, or $7,324 psf. It is situated near the escalator close to the mall’s main entrance. Far East Plaza is a freehold mixed-use development completed in 1982, featuring a five-story retail mall and serviced apartments. It is within walking distance to Orchard Road MRT Station.
Donald Goh, director of capital markets and investment sales at ERA, believes that these properties will attract interest from both property investors and business owners. He also notes that there were 28 and 33 strata retail sales in the Downtown Core and Orchard Planning Area respectively last year, showing resilience in the market. Goh also adds that a ground floor unit at Lucky Plaza was sold for $15,242 psf, while units at Orchard Towers and The 101 sold for $5,309 psf and $5,657 psf respectively, proving that strata retail shops are still considered attractive investments.
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The EOI process will close on April 17 at 3pm. Interested parties can check out the latest listings for Peninsula Plaza properties.