Four adjacent ground floor retail units and one office unit on the second floor of Goldhill Plaza (pictured), a 999-year leasehold development in Novena, are up for sale via public tender under a single portfolio, said marketing agent CBRE.
Offered for sale on a vacant possession basis, the properties have a combined strata area of about 4,758 sq ft. The office unit measures around 1,184 sq ft, while each retail shop occupies a space of 893 sq ft. The latter also comes with F&B usage approvals, and enjoys high visibility as it is next to the carpark.
“Ground floor main road facing shops, which come with 999-year tenure and also F&B approvals, are niche assets. In fact, this is the first time in many years that a row of four units is available for sale in Goldhill Plaza,” said Sammi Lim, Director for Investment Properties at CBRE.
She explained that such assets are highly sought-after by investors, F&B operators and owner-occupiers, given that the authorities have limited the amount of space intended for eateries in developments over the last few years. In addition, units in the city fringe that come with approvals are even harder to come by.
Based on the guide price of $20.8 million ($4,377 psf), Lim is confident that the launch will attract strong interest due to the lower cost.
The last large-scale retail shop transaction in Novena took place last September, when a row of seven retail units at Holland Road Shopping were sold for a total of $61 million, which works out to $4,976 psf.
Furthermore, locals and foreigners are both eligible to purchase, with no Additional Buyer’s Stamp Duty (ABSD) and Sellers’ Stamp Duty (SSD) imposed on the transaction, as the units are zoned for commercial use.
The public tender will close on 28 February.
Image source: CBRE