A pair of adjoining strata retail units in Peninsula Plaza is currently available for purchase with an asking price of $10.9 million. Located on the ground floor, these 999-year leasehold units offer prominent frontage along North Bridge Road.
The combined strata area of these two units is 1,119 sq ft, with one unit measuring 538 sq ft and the other 581 sq ft. The asking price translates to $9,741 psf based on the strata area. Currently tenanted until 2026, these units provide investors with a 3% gross rental yield.
According to Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, the two units have the best street frontage within the development and benefit from high footfall on a daily basis. Chan is in charge of the private treaty sale of these units.
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Peninsula Plaza is a 999-year, 30-storey mixed-use commercial building completed in 1980. It comprises a six-storey retail podium and a 24-storey office tower, and features prominent frontages along North Bridge Road, Coleman Street, and Coleman Lane. The building also has a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.
The last ground-floor retail unit transaction at Peninsula Plaza took place in August 2022, with a 452 sq ft unit selling for $4.08 million ($9,025 psf), as recorded in a caveat lodged at the time.
Since the Urban Redevelopment Authority (URA) introduced restrictions on the strata subdivision of commercial properties in the CBD and Orchard corridors in March 2022, there has been a growing demand for strata-titled units, especially those with 999-year and freehold tenure, according to Chan.
Peninsula Plaza offers a sheltered walkway to City Hall MRT Interchange Station for the East-West and North-South lines. Interested buyers can check out the latest listings for properties in Peninsula Plaza, such as six commercial units currently available for sale from $8.6 million, a portfolio of four retail units at $50.8 million, and a retail unit on sale for $26.2 million.