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By Nikki De Guzman:
Four strata-titled freehold retail units at Queensway Shopping Centre (pictured) are up for sale by Expression of Interest (EOI) with CBRE and Knight Frank marketing the spaces.
Situated on the second and third levels of the mall, the 10,388 sq ft units are currently occupied by McDonalds and Sports Link, and form a significant stake in the property.
Queensway Shopping Centre is ideally located at the junction of Alexandra Road and Queensway, and enjoys dual-road wide prominent building frontage. It also leverages on the high traffic from nearby residential and commercial enclaves.
The sale is considered a rare opportunity given the area’s vibrant commercial sales activity. Moreover, the units are zoned commercial which means both local and foreign buyers are exempt from paying ABSD.
“Amid the strong interest in commercial properties, especially retail shops, and the scarcity of such freehold purchase opportunities in the market, we expect the property to attract strong interest from retailers, private-equity, family offices and high-net-worth individuals, both local and overseas, who are looking for quality assets like shops in Queensway Shopping Centre for potential rental and capital appreciation with a mid to long term view. The property will also attract a growing pool of end-user purchasers,” said Sammi Lim, CBRE’s Associate Director, Investment Properties.
“We expect to receive strong offers in excess of S$32 million,” she added.
The EOI for the units will close on 2 April.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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