Freehold strata retail units at Orchard Shopping Centre on the market for $90 mil
A portfolio of 18 freehold strata-titled retail units at Orchard Shopping Centre is on sale for $90 million (Photo: CBRE)
SINGAPORE (EDGEPROP) - A portfolio of 18 freehold strata-titled retail units at Orchard Shopping Centre is on sale through an expression of interest exercise for an indicative price of $90 million, according to marketing agent CBRE. The units span the ground floor and the entire second floor of the building.
The units have a total strata area of 8,934 sq ft, which represents around 18% of the total strata area, or 23.5% of the total share value of the development. The units are currently fully occupied, with tenants including Maybank, RHB Bank and a Chinese hotpot restaurant.
Clemence Lee, CBRE’s senior director of capital markets, Singapore says the two bank tenants contribute around 75% of the portfolio’s total income and will provide investors with an attractive and stable income stream with built-in rental escalations.
“This is a once-in-a-lifetime opportunity for investors to acquire a sizeable defensive trophy asset located along one of the most popular High Streets in the world and we expect strong interest from both local and foreign family offices, high net worth individuals, companies and boutique real estate funds,” he says.
Orchard Shopping Centre, located at 321 Orchard Road, is a nine-storey commercial development with a three-storey retail podium. It has dual road frontages along Orchard Road and Grange Road. It also has a fully sheltered connection to Somerset MRT Station. (Find Singapore commercial properties with our commercial directory)
The expression of interest exercise for the portfolio will close on May 4 at 3pm.
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