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Four contiguous strata retail units at People’s Park Complex has been put up for sale by expression of interest at an indicative price of about S$35.6 million, sole marketing agent DTZ Debenham Tie Leung (SEA) said Wednesday.
Ground floor units #01-83, 84A, 84B, and 84C, situated right at the main entrance to the mall, have a total strata area of 5,081 sq ft. Each strata unit has a regular, efficient and column-free layout with sizes ranging from 960 to 1,819 sq ft. According to DTZ, the subject property is currently rented out to 16 tenants including travel agencies, mobile and electronics shops, health and wellness shops, and tattoo parlours.
DTZ’s Investment Advisory Services commented: “Given the rarity of having a ground floor retail unit for sale in such a prime locale, we expect interest from both retailers who are keen to purchase the space for owner occupation and investors who are keen to purchase investment properties with steady returns in place.”
DTZ said the indicative price translates to about S$7,000 per sq ft on strata area. Based on the caveats lodged over the past 2 years, ground floor strata retail units in People’s Park Complex have traded from $4,522 to $11,011 per sq ft on strata area, the property consultancy added.
The EOI exercise will close on Tuesday, 3 March.
(PropertyGuru File Photo: People’s Park Complex.)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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