CDL offers a portfolio of 11 strata shops at The Venue Shoppes for $40.77 mil
By Nicholas Lam
/ EdgeProp Singapore |
The Venue Shoppes has a total of 28 strata-titled shops on the ground floor (Photo: Savills/JLL)
Singapore-listed property giant City Developments Ltd (CDL) is offering a portfolio of 11 strata-titled shops on the ground floor of The Venue Shoppes in Potong Pasir for sale at $40.77 million.
The combined strata retail space is 9,537 sq ft. Hence, the $40.77 million price tag translates to $4,275 psf. Ten of the 11 shops are approved for F&B use, while the 11th is for retail use. All the units are leased, and tenants include Springleaf Prata and Ayam Penyet President. Unit sizes range from 614 sq ft to 3,724 sq ft, at prices starting from $2.72 million ($4,430 psf).
The units are available for sale individually or as a portfolio, with Savills Singapore and JLL as the appointed joint marketing agencies.
The portfolio at The Venue Shoppes along Tai Thong Crescent is the latest in CDL's broader $1 billion divestment exercise announced in February. Last month, CDL launched for sale its remaining strata-titled units in Sunshine Plaza, Fortune Centre, Cititech Industrial Building and Citlilink Warehouse Complex, as well as in luxury condo The Residences at W Singapore Sentosa Cove.
The Venue Shoppes' three-level basement carpark has 82 parking spaces and a total strata area of 10,775 sq ft. The carpark is offered for sale "upon request".
Transactions at The Venue Shoppes (Source: EdgeProp Landlens, URA Realis)
Completed in 2017, The Venue Shoppes has a ground-floor commercial podium with 28 strata-titled shops, of which 23 have been approved for restaurant use. Launched in November 2013, units were initially sold at prices ranging from $5,049 psf to $6,008 psf, or an average of $5,424 psf, based on caveats lodged with URA Realis.
The latest transaction was for a 1,302 sq ft retail unit that fetched $6.09 million ($4,675 psf), according to a caveat lodged in July 2022.
Sitting on top of The Venue Shoppes is The Venue Residences, with 260 apartments spanning four 18-storey blocks. Launched in October 2013, all the units were fully sold before completion in 2017.
Located at the junction of Upper Serangoon Road and Macpherson Road, The Venue Shoppes sits less than 300m from Potong Pasir MRT Station on the Northeast Line. Schools in the area include St Andrew's Village (St Andrew's junior, secondary and junior college) and Cedar Girls' Primary and Secondary schools.
Given The Venue Shoppes and Residences' location in Potong Pasir, the shops can benefit from its proximity to the upcoming Bidadari estate with 9,000 residents upon completion of the built-to-order (BTO) flats, says Sophia Lim, Savills Singapore's director of investment sales & capital markets. "The Venue Shoppes is poised to benefit from the increased residential catchment in the area," she adds.
According to Alaric Yeo, senior manager of capital markets at JLL, suburban F&B and retail assets within mature residential estates continue to perform strongly amid the backdrop of changing consumer preferences and the trend of flexible work-from-home arrangements.
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