Adjoining 999 Year Strata Retail Units Peninsula Plaza Sale 9741 Psf
A pair of adjacent ground-floor retail units at Peninsula Plaza are currently available for purchase, with an asking price of $10.9 million. These 999-year leasehold units have a combined strata area of 1,119 sq ft and boast a prominent frontage along North Bridge Road.
The individual units are 538 sq ft and 581 sq ft respectively, which translates to a price of $9,741 per sq ft based on the strata area. Currently, the units are tenanted until 2026 and offer investors a 3% gross rental yield.
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According to Nick Chan, the associate director of investment sales & capital markets at Savills Singapore, these units are considered to be the best in the development due to their street frontage and consistent footfall. He is handling the sale of the units on a private treaty basis.
Peninsula Plaza is a 999-year mixed-use commercial building comprising a 30-storey office tower and a six-storey retail podium. Located at Coleman Street and Coleman Lane, the building is directly connected to City Hall MRT Interchange Station for the North-South and East-West lines.
In August 2022, a 452 sq ft unit on the ground floor was sold for $4.08 million, which works out to be $9,025 per sq ft based on the then-registered caveat. The development has a sheltered link to City Hall MRT Interchange Station and enjoys high visibility due to its prominent frontages along the busy North Bridge Road.
Since the implementation of regulations by the Urban Redevelopment Authority (URA) in March 2022, which restrict the strata subdivision of commercial components in the CBD and Orchard corridors, there has been an increased demand for strata-titled units with 999-year and freehold tenure. This has made properties like Peninsula Plaza more sought-after in the market.
Don’t miss out on the opportunity to own a prime retail unit in this prestigious development. Contact Savills Singapore today for more information.