[UPDATE] 23 strata retail shops up for sale at $80 mil

/ EdgeProp Singapore |
A shop unit at 710A Ang Mo Kio Avenue 8 is one of 23 retail strata retail units that have been launched for sale by expression of interest (Photo: ERA Realty)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - A portfolio of 23 strata retail shops owned by Singapore-listed Second Chance Properties has been launched for sale by expression of interest. According to ERA Realty, the exclusive marketing agent for the deal, the entire portfolio is being sold for a price of about $80 million.
The shops, which are fully-tenanted, comprise two HDB shops located in Toa Payoh and Ang Mo Kio as well as 21 strata shops located in four shopping centres — Far East Plaza, Sim Lim Square, Peninsula Plaza and People’s Park Complex.
Potential buyers have the option to purchase the properties either individually or collectively as a portfolio.
The two HDB shops are located at 190 Toa Payoh Lorong 6 and 710A Ang Mo Kio Avenue 8 respectively. The shop at Toa Payoh is located at #01-562 on the ground floor with a floor area of about 1,033 sq ft. It has a 79-year lease that started in July 1992. The shop is currently subdivided into two shop lots and leased to two different tenants. (Find HDB flats for rent or sale with our Singapore HDB directory)
Meanwhile, the shop at Ang Mo Kio is standalone shop unit within a two-storey commercial centre located in Ang Mo Kio Central. The ground floor HDB shop at #01-2625 has a floor area of about 3,574 sq ft and an 86-year lease that started in July 1993. The two-storey commercial centre is occupied by major financial companies such as Maybank and Phillip Investor Centre. The property is a five-minute walk from Ang Mo Kio Hub and Ang Mo Kio MRT station. (Find Singapore commercial properties with our commercial directory)
“These two shops are fully tenanted with an attractive weighted yield of more than 4% and we expect keen interest from family offices, private equity funds, private investors and high-net-worth individuals (HNWIs) who are looking for immediate rental income with potential for capital appreciation in the mid-to-long term,” comments Donald Goh, director, capital markets and investment sales at ERA Realty.
For the 21 shopping centre shops, six out of the 21 are located at Peninsula Plaza on North Bridge Road. The units are all located on the ground floor (#01-28/28A/29/38/44/45A/45B) and make up a total strata area of about 2,723 sq ft. The property has a 999-year leasehold tenure, and is within walking distance to Raffles City and City Hall MRT Station.
11 shops are located at Sim Lim Square, at the junction of Bencoolen Street and Rochor Canal Road. The shops are all located on the fifth floor (​​#05-36/53/54/61/62/63/64/65/72/73/74) and have a 99-year lease from April 1983. The shops have a total strata floor area spanning 5,447 sq ft.
Two shops are located at Far East Plaza on Scotts Road. The freehold units are located on the second floor (#02-40/42) and have a total floor area of 753 sq ft. Far East Plaza, located along the Orchard Road shopping belt, consists of a five-storey retail mall with serviced apartments and was completed in 1982.
The remaining two shops are located at People’s Park Complex on Park Road. Located on the ground floor, the two adjoining retail shops (#01-32/33) have a total strata floor area of about 818 sq ft. People’s Park Complex is located at the heart of Chinatown and is short walk away from Chinatown MRT Station.
Steven Tan, managing director, capital markets and investment sales at ERA, notes that the cooling measures announced last December have brought a shift in demand for strategically located commercial properties that promise capital appreciation potential. “We foresee that this well-diversified and investment-grade portfolio will provide a compelling and attractive opportunity for real estate funds, family offices and HNWIs (high-net-worth individuals) to ride that recovery,” he remarks.
The expression of interest exercise will close on April 21 at 3pm.

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More