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A total of 33 strata shop units on the basement level of Parklane Shopping Mall has been put up by expression of interest (EOI) Thursday (25 June).
Located along Selegei Road, the units offer a total strata area 25,317 sq ft – equivalent to almost 94 percent of the strata area on the basement level, or 17 percent of the entire development by share value.
According DTZ Debenham Tei Leung—appointed marketing agent of the sale—interested parties have the option to acquire the entire portfolio or any of the three clusters comprising the total offer. Two of the clusters, with a total strata area of 3,886 sq ft and 6,631 sq ft respectively, are approved for nightclub use, while the third cluster, which comes with a strata area of 2,002 sq ft, is approved for restaurant use. The units offers direct access from the street level.
Responding to enquiry by CommercialGuru, DTZ said the units come with an asking price of S$65 million, which translates to S$2,500 per sq ft.
“A large collection of shops on a single level in such a prime locale is rarely available for sale. The entire portfolio offers the astute investor majority ownership and control of the basement level,” said Swee Shou Fern, Senior Director for Investment Advisory Services at DTZ.
“Tenancies for the restaurant and one of the nightclubs are expiring early next year, which offers the investor rental reversionary upside or the end-user the opportunity to operate their business from the premises,” she added.
DTZ said the shops currently has a 100 percent occupancy rate from tenants including a fast food restaurant, nightclubs, gaming and entertainment centres.
The EOI exercise for the shop units will close on 30 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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