Adjoining 999 Year Strata Retail Units Peninsula Plaza Sale 9741 Psf
Two adjacent strata retail units at Peninsula Plaza are now available for purchase at a price of $10.9 million. These leasehold units have a tenure of 999 years and are located on the ground floor, boasting prominent frontage on North Bridge Road.
One unit covers an area of 538 sq ft, while the other spans 581 sq ft, making the total strata area 1,119 sq ft. This translates to a price of $9,741 per square foot based on the strata area. Currently, both units are tenanted until 2026, offering investors a 3% gross rental yield.
According to Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, the two units have one of the best locations within the development, enjoying a steady flow of foot traffic throughout the day. The units are being offered for sale on a private treaty basis.
Peninsula Plaza is a 999-year mixed-use commercial building with 30 floors, comprising a six-storey retail podium and a 24-storey office tower, built in 1980. It has an advantageous position on North Bridge Road, Coleman Street and Coleman Lane. In addition, it is directly linked to City Hall MRT Interchange Station, which serves the North-South and East-West lines.
The most recent transaction for a ground-floor retail unit at Peninsula Plaza occurred in August 2022 when a 452 sq ft unit was sold for $4.08 million at a rate of $9,025 psf, according to a lodged caveat.
Since the Urban Redevelopment Authority (URA) enforced restrictions on the strata subdivision of commercial properties in the CBD and Orchard corridors in March 2022, Chan notes that there has been a growing demand for strata-titled units, especially those with 999-year and freehold tenures.
For many years, the Urban Redevelopment Authority (URA) has played a key role in shaping Singapore’s urban landscape. With their plans for Tampines, this dynamic regional center is about to undergo a major transformation. These exciting developments will have a significant impact on residential projects in the area, such as Aurelle of Tampines EC. This executive condominium, situated on Tampines Street 62, is poised to reap the benefits of the URA’s efforts. Interested individuals can learn more about Aurelle of Tampines EC by visiting https://www.aurelle-of-tampines.com.sg/.
Peninsula Plaza also features a covered walkway that leads directly to City Hall MRT Interchange Station, providing easy access to the East-West and North-South lines. For more information on available properties at Peninsula Plaza, check out the latest listings on our website.
