A ground floor retail unit at the Prudential Tower within the Raffles Place area has been put up for sale by public tender with a guide price of S$20.8 million, revealed marketing agent CBRE.
This works out to S$3,639 per sq ft based on the total gross floor area of 5,715 sq ft.
Directly connected through underpass to Raffles Place Interchange MRT Station, Prudential Tower is around 180m away from Telok Ayer MRT Station (DT 18).
The only retail unit within the building, the property enjoys exceptional pedestrian footfall as it comes with dual prominent main road frontages – Church Street and Cecil Street – effectively giving it tremendous retail potential.
Currently tenanted as a service centre to Prudential Assurance, the unit may be used as a showroom, banking hall as well as F&B or retail outlet, subject to the approval of relevant authorities.
“The key selling point is the prominent double main road frontage that the unit enjoys, which makes the unit extremely visible to both vehicular and pedestrian traffic. Such an opportunity in the heart of Raffles Place is hardly available,” said CBRE capital markets director Galven Tan.
“In every major city, retail units with such prominent street frontage are extremely sought after by businesses. This unit offers a diverse range of commercial uses (e.g. showroom/service centre/banking hall) to leverage its visibility and we believe investors will be extremely keen to evaluate.”
The public tender exercise for the property closes on 11 July 2017.
This article was edited by Denise Djong.