SINGAPORE (EDGEPROP) - A 999-year strata retail unit at The Adelphi, at 1 Coleman Street, is up for sale, according to CBRE, which is marketing the property.

CBRE did not disclose the guide price for the property, but pointed to past transactions: “Over the last five years, there were only a handful transactions for basement units at the Adelphi, which were transacted within the range of $2,685 psf to $3,573 psf.”

The unit on the market is located at the basement level, and is next to the escalator within The Adelphi. It has an area of 4,090 sq ft and is fully leased to a KTV tenant. While the unit is currently approved for KTV use, it was previously approved for restaurant use, says CBRE.

Foreigners are eligible to purchase the property as it is zoned for commercial use. There will be no additional buyer’s stamp duty or seller’s stamp duty imposed on the purchase of the property.

The Adelphi is a mixed-use 10-storey development, comprising a five-storey retail podium and a six-storey office block with four levels of basement parking offering 382 carpark lots. It is a two-minute walk to City Hall MRT Interchange Station on the North-South and East-West Lines.

The basement level of the retail podium, where the subject property is located, features a selection of F&B offerings that are frequented by office workers within the vicinity.

The expression of interest exercise will close on May 18, at 3pm.

Check out the latest listings near The Adelphi, City Hall MRT Interchange Station