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Property consultancy CBRE on Tuesday (2 June) announced the sale of prime commercial units at Singapore Shopping Centre along Orchard Road where 11 contiguous shop/office space or close to half of the 3rd floor of the mall at 190 Clemencau Avenue were put up for sale by expression of interest.
Located at the junction of Penang Road and Clemenceau Avenue, the units offer a strata area of approximately 7,601 sq ft. According to CBRE, while the vendor prefers to sell the entire strata space to a single buyer, interested parties also have the option of purchasing individual units that come in sizes ranging from 409 sq ft to 1,614 sq ft.
Given its prominent location, CBRE Associate Director for Investment Properties Sammi Lim said they expect the units to garner keen interest from owner-occupiers, who will have the flexibility to use the premises immediately, as well as investors seeking compelling investment opportunity.”
“The passing rent paid by the previous single tenant who occupied all the 11 units was $7.20 per sq ft, which gave an attractive gross rental yield of 4.80 per cent based on the CBRE guide price of $12.7 million, or $1,800 per sq ft on strata area. Further rental yield upside can be expected by leasing out the units individually,” she added.
The EOI exercise for the units closes on 14 July.
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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