Strata-titled shops at Sims Urban Oasis going for $6.9 mil, with two-year 5% p.a. return guarantee

SINGAPORE (EDGEPROP) - GuocoLand has launched six strata-titled shops for sale at the 1,024-unit condominium Sims Urban Oasis. The development is along Sims Drive and was completed in 2017. Investment sales advisory Showsuite Consultancy is the sole marketing agent for the sale.

On top of the over 1,000 households at Sims Urban Oasis, the shops can cater to more than 5,000 households in the nearby HDB estate, as well as 550 households expected to move into the neighbouring, newly unveiled Penrose condominium.

Karamjit Singh, CEO of Showsuite Consultancy, says that the shops are ideal for new concepts such as co-working cafes, to tap onto the trend of remote working because of the Covid-19 pandemic. “Singapore’s home sizes are relatively compact, which points to this strong use case. In the Singapore context, it could, of course, be a co-working operation fused with a traditional kopi joint,” he says.

GuocoLand is offering the six shops to be acquired in clusters of four and two units, which will allow the new owners to benefit from bulk discounts, adjoining units, and critical mass in floor space. The shops are within two clusters beside the entrances to the development and are easily accessible to members of the public and condo residents.

“With a large catchment and a convenient location, the shops at Sim Urban Oasis are ideal for a myriad of business and services. We are excited to offer our shops to investors and enterprises who will put the spaces to innovative and supporting uses benefitting our home buyers at Sims Urban Oasis,” says Dora Chng, general manager (residential) at GuocoLand.

The shops range from 323 sq ft to 678 sq ft and have a combined area of 2,895 sq ft. Four adjoining shops are located beside the main entrance along Sims Drive, while the remaining two shops are at the side entrance along Aljunied Road.

The average price of the shops comes to about $3,000 psf on the strata areas. This is before a 21% bulk discount, says Showsuite Consultancy.

After the discount is applied, the price for the cluster of four shops comes to $3.99 million ($2,360 psf) for the total strata area of 1,690 sq ft. Meanwhile the cluster of two shops, which have a strata area of 1,206 sq ft, would be priced at $2.89 million ($2,395 psf).

The shops are also offered with a two-year 5% per annum return guaranteed by the developer. No additional buyer’s stamp duty is payable, and the purchase is open to foreigners. The shops are available for sale by private treaty.

For price trends, recent transactions, other project info, check out these projects' research page: Sims Urban Oasis, Penrose condominium