Retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza for sale at $26.5 mi
Donald Goh, executive of capital markets and investment sales at ERA, states the properties are going to bring in attention from both property buyers and business owners. He indicates that strata retail deals in the Downtown Core and Orchard Planning Area remained resilient in 2024, with 28 and 33 deals documented in each location, respectively. Goh adds: “A ground floor unit at Lucky Plaza was cost $15,242 psf while units at Orchard Towers and The 101 were sold for $5,309 psf and $5,657 psf, respectively, a testament that strata retail stores are still an appealing investment.”
Far East Plaza is a freehold mixed-use development completed in 1982. It comprises a five-storey retail mall and serviced apartments. The property development is inside walking distance of Orchard Road MRT Terminal.
A list of 14 retail shops at Peninsula Plaza, Sim Lim Square and Far East Plaza is available for sale via an expression of interest (EOI) exercise. ERA Realty Network is promoting the properties, that have an overall cost of $26.46 million.
The last standing unit for sale is at Far East Plaza on Scotts Road. Positioned on the 2nd floor, this freehold retail unit offers a strata level area of 355 sq ft and faces the escalator near the mall’s main entry. It is priced at $2.6 million, or $7,324 psf.
The EOI will close up on April 17 at 3pm.
The shops can be bought collectively or independently. Individual units are valued from $840,000, whilst the entire portfolio has an asking cost of $15.855 million, that ERA says is a 20% discount from its newest valuation. The cost converts to $3,120 psf on the strata area.
Sim Lim Square is a strata-titled commercial development on Rochor Canal Road in District 7. Finished in 1987, it has 492 commercial units spread across six levels and 2 basement levels.
Peninsula Plaza is a 30-storey retail building completed in 1980. It includes a six-story retail podium and a 24-storey business office high rise. The growth is connected to the City Hall MRT Interchange Station, which provides access to both the North-South and East-West lines.
Two units stand at Peninsula Plaza, a 999-year leasehold mixed-use project on North Bridge Road. The adjoining ground-floor store units have a shared strata space of around 990 sq ft and are seeking $8 million, or $8,081 psf.
At Sim Lim Square, 11 strata units with an overall strata area of 5,081 sq ft are available for sale. Zoned for commercial use, the units are all on the 5th floor and have a 99-year lease that started in April 1983, leaving around 57 years remaining. According to ERA, the majority of the units are presently tenanted. The shops face the mall’s main atrium and offer straight access from the escalators and lifts.
