Seven strata retail units at Orchard for sale at $18.8 mil

SINGAPORE (EDGEPROP) - A portfolio of seven prime strata retail units across four landmark shopping malls along Orchard Road have been put on the market by JLL, the exclusive marketing agent.

The total guide price for the entire portfolio is $18.8 million. Individual units range from $1.48 million to $6.28 million. The properties can either be sold individually or collectively as a portfolio.

Three of them are ground-floor units at Orchard Plaza that are 226 sq ft, 258 sq ft and 183 sq ft in size. Their tenure is 99-year leasehold. Two of the three adjoining units face Orchard Road and are currently leased to F&B tenants. The third unit is next to the mall’s entrance along Cavenagh Road and is also beside the lift lobby. Orchard Plaza is an eight-storey commercial development with retail shops on the first five floors and offices from the sixth to eighth floors.

Two other units are at the basement of Lucky Plaza are freehold and measure 205 sq ft and 237 sq ft in size. They are near the entrance of the underpass that links Lucky Plaza to Ngee Ann City and thus enjoy high footfall. Currently, the units are tenanted to an electronics shop. Lucky Plaza is a 30-storey mixed-use development with retail shops, F&B outlets, medical centres and residential apartments.

There is also a freehold retail space that is 409 sq ft on the second floor of Far East Plaza, a five-storey shopping mall with affordable and trendy street fashion, beauty services and eateries. The unit, currently being occupied by a gifts and leisure shop, is situated close to the mall entrance and main concourse.

Last but not least, there is a 710 sq ft unit at the ground floor of Midpoint Orchard. It is one of the rare units directly opposite Somerset MRT Station and is currently leased to a moneylender.

“Strata retail units in Orchard with such prominent frontages are scarce and rarely put up for sale,” says Ong Zhen Hao, director of JLL Capital Markets. He adds that all the properties are fully tenanted and offer competitive rental yields of between 3% and 4%.

As the units are approved for commercial use, foreigners are eligible to purchase the property. There is also no additional buyer’s stamp duty or seller’s stamp duty.

The sale will be conducted through a public tender exercise, which closes on May 5 at 3pm.