Four adjoining strata commercial units at Peninsula Plaza up for sale at $60 mil
By Hailey Yu
/ EdgeProp Singapore |
Peninsula Plaza, at 111 North Bridge Road (Credit: PropNex)
SINGAPORE (EDGEPROP) - A portfolio of four adjoining strata commercial units at Peninsula Plaza totalling 16,038 sq ft will be put up for sale collectively via tender tomorrow (July 14), for a guide price of $60 million. PropNex Realty has been appointed the exclusive marketing agent for the units.
PropNex estimates the average price of the portfolio at $3,750 psf, based on the strata area.
The units are 999-year leasehold, with lease tenure commencing from 1829. All four units are currently leased to long-term F&B and public entertainment tenants.
Built in 1979, Peninsula Plaza is situated in the city centre at 111 North Bridge Road. It is a short walk from City Hall MRT Station (on the North-South Line and East-West Line) within the CBD. In its proximity is Funan shopping mall, Capitol Singapore and Raffles City.
Map view of Peninsula Plaza (Source: EdgeProp Inspector Tool)
“With a current gross yield of 3%, strong interest is expected due to a highly coveted 999-year leasehold tenure and the rarity of a sizeable adjoining strata shop space in the city,” says Tracy Goh, head of investment and collective sales at PropNex.
Prices of strata commercial space in the central areas are expected to remain firm owing to a limited supply, Goh reckons. Recently, an entire office floor at Suntec City Tower 2 was sold for $38.8 million, or $3,300 psf, a record psf price for the tower. (Find Singapore commercial properties with our commercial directory)
Both Singaporeans and foreigners are eligible to buy, with no additional buyer’s stamp duty nor seller’s stamp duty payable.
The tender will close on Aug 18 at 2pm.
Check out the latest listings near Peninsula Plaza, City Hall MRT Station
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