Two strata-retail units at the basement level of Peninsula Plaza have been put up for sale via expression of interest (EOI), carrying a guide price of $16 million or $3,350 psf on the strata area.
With a leasehold tenure of 999-years that started from 29 October 1829, the two contiguous units have a combined strata area of about 4,779 sq ft and enjoy prominent frontage as well as direct escalator access from Level 1.
Marketing agent JLL revealed that they are fully leased with a total of five tenants, including two restaurants and three retail tenants.
Peninsula Plaza is a 32-storey office building with a five-storey retail podium located within the City Hall area.
It is located near City Hall MRT interchange, while a new underground walkway is set to be completed in 2020, connecting City Hall MRT interchange to Adelphi and the new Funan Shopping Mall with provisions for future connections to Peninsula Plaza.
“Strata retail units located at the basement and ground floor in Peninsula Plaza are highly sought-after due to its excellent accessibility and high footfall. Such units, especially those approved for F&B use, are tightly held and rarely made available for sale,” said Clemence Lee, senior director for capital markets at JLL.
“Furthermore, being located in the City Hall area, the units are well-poised for capital and rental appreciation with the ongoing rejuvenation in the area.”
Lee expects the units to attract “keen interest from local investors, family offices, high net-worth individuals as well as owner-occupiers”.
Since it is a commercial property, foreigners are allowed to purchase it with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.
The EOI exercise for the retail units will close on 31 January.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com