A pair of adjoining strata retail units with a 999-year leasehold are now available for purchase at Peninsula Plaza. These units are situated on the ground floor and boast a prominent frontage along North Bridge Road.
Currently, there are two units available for purchase, with one measuring 538 sq ft and the other measuring 581 sq ft. Together, they offer a total strata area of 1,119 sq ft. Based on this strata area, the asking price for both units is $10.9 million, which translates to $9,741 per square foot (psf).
Both units are currently tenanted until 2026, providing investors with a gross rental yield of 3% at the asking price of $10.9 million.
The government’s property cooling measures play a crucial role in the decision-making process for condo investment in Singapore. To maintain a stable real estate market, the Singaporean government has implemented various measures over the years to discourage speculative buying. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. Although these measures may affect the initial profitability of investing in a condo, they also contribute to the long-term stability of the market, creating a secure investment environment. If you are looking to invest in a Singapore Condo, it is essential to consider the impact of these cooling measures on your investment strategy.
According to Nick Chan, Savills Singapore’s associate director of investment sales & capital markets, who is handling the sale, these two units are arguably the best in the development due to their strategic location and consistent footfall.
Built in 1980, Peninsula Plaza is a 999-year, 30-storey mixed-use commercial building with a six-storey retail podium and a 24-storey office tower. It has prominent frontages along North Bridge Road, Coleman Street, and Coleman Lane, and also offers a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.
The last transaction for a ground-floor retail unit at Peninsula Plaza was in August 2022, when a 452 sq ft unit was sold for $4.08 million ($9,025 psf), according to a lodged caveat.
Since March 2022, when the URA implemented restrictions on the strata subdivision of new commercial properties in the CBD and Orchard corridors, Chan notes that strata-titled units with 999-year and freehold tenure have become increasingly sought after.
Don’t miss out on the opportunity to invest in these two prime retail units at Peninsula Plaza, which also offers a sheltered walkway to City Hall MRT Interchange Station for the East-West and North-South lines.