Four freehold strata commercial units at Clementi Arcade hit the market for $22 mil
The units up for sale are on the second floor of Clementi Arcade, a mall located at 41 Sunset Way. (Photo: CBRE)
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A portfolio comprising four freehold strata commercial units at Clementi Arcade is up for sale via an expression of interest (EOI) exercise for $22 million. The units are on the second floor of the shopping mall, located at 41 Sunset Way.
The units have a combined strata area of approximately 9,246 sq ft. Based on the strata area, the guide price translates to $2,379 psf. All four units are fully leased to a childcare centre, according to CBRE, the exclusive marketing agent for the asset.
The firm adds that buyers can repurpose the space for other uses such as a school, office or gym — subject to approval from the relevant authorities.
The portfolio last changed hands in 2011 for $7.94 million, or $859 psf, according to caveats lodged with URA.
Clementi Arcade comprises 14 strata commercial units, anchored by lifestyle tenant Cold Storage alongside F&B concepts such as Baker & Cook and Deli By The Meatery.
The mall occupies a land area of approximately 51,285 sq ft. It has an existing gross floor area (GFA) of around 38,836 sq ft, which is lower than the permissible GFA of 71,799 sq ft, based on the site’s 1.4 plot ratio.
The untapped GFA points to “strong en bloc potential” for the development, CBRE notes. The four units up for sale collectively account for 26.6% of the development’s total share value, which would provide the incoming buyer “substantial influence” over a future collective sale, the firm adds.
Set within the Sunset Way residential enclave, Clementi Arcade is less than a 10-minute drive to Ngee Ann Polytechnic and Singapore Institute of Management.
CBRE also notes that the mall is close to Maju Forest, where 15ha of land has been earmarked for future public housing. “If the development proceeds as planned, it is likely to boost footfall and drive higher value for the asset’s commercial space,” says Joshua Giam, director of capital markets at CBRE Singapore.
The EOI exercise will close on Aug 13, at 3pm.
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