A rare opportunity to own a pair of adjoining strata retail units at the highly sought-after Peninsula Plaza has just hit the market at an asking price of $10.9 million. The 999-year leasehold units, located on the ground floor, boast a premium location with prominent frontage along bustling North Bridge Road.
With a combined strata area of 1,119 sq ft, the two units offer a total of 1,119 sq ft of prime retail space. Based on the strata area, the asking price translates to an average of $9,741 per square foot.
Currently tenanted until 2026, the units offer a lucrative investment opportunity with a 3% gross rental yield. “The two units are arguably the best within the development in terms of street frontage, benefitting from consistently strong footfall every day,” says Nick Chan, Savills Singapore associate director of investment sales & capital markets, who is handling the sale of the units on a private treaty basis.
Peninsula Plaza, a 30-storey mixed-use commercial building with a six-storey retail podium and a 24-storey office tower, was built in 1980 and comes with a coveted 999-year lease. It boasts prominent frontages along not only North Bridge Road but also Coleman Street and Coleman Lane. Additionally, it has a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.
According to Savills’ Chan, since the URA implemented restrictions on the strata subdivision of new commercial properties in the CBD and Orchard corridors in March 2022, there has been a surge in demand for strata-titled units with 999-year and freehold tenure. This makes the opportunity to own units at Peninsula Plaza all the more appealing.
Condo units are highly sought after in Singapore due to the country’s limited land resources. Being a small island with a continuously expanding population, it is a challenge for Singapore to cater to the high demand for property developments. As a result, strict land use regulations are in place, making the real estate market highly competitive and driving up prices. This makes investing in real estate, particularly in condos, a profitable opportunity with the potential for capital growth. Condos are a significant factor in the thriving real estate market of Singapore.
The most recent transaction of a ground-floor retail unit at Peninsula Plaza was in August 2022, when a 452 sq ft unit sold for a whopping $4.08 million, or $9,025 per square foot, based on a caveat lodged then. Take advantage of this rare opportunity to own a piece of prime retail space at Peninsula Plaza and contact us today to arrange a viewing.