Bookmark & Share
Of the seven units, three are in Orchard Plaza, two in Lucky Plaza, one in Far East Plaza and one in Midpoint Orchard.
A portfolio of seven strata retail units in various Orchard Road malls has been put up for sale with a guide price of $18.8 million, reported The Business Times (BT) citing exclusive marketing agent JLL.
Of the seven units, three are in Orchard Plaza, two in Lucky Plaza, one in Far East Plaza and one in Midpoint Orchard.
The units – which can be bought individually or collectively as a portfolio – are priced between $1.48 million and $6.28 million.
The three street-fronting units at Orchard Plaza are all located on the ground floor and come with a 99-year leasehold tenure. Two of them are adjoining, with frontage to Orchard Road, while the other one is located beside the lift lobby, next to the mall’s entrance along Cavenagh Road.
The two adjoining freehold units at Lucky Plaza, on the other hand, are located in the basement with strata area of 205 sq ft and 237 sq ft. Situated near the entrance of the underpass connecting Ngee Ann City to Lucky Plaza, the units come with dual frontages and entrances. They are leased to a single tenant in the electronics trade.
The 409 sq ft unit at Far East Plaza is located on the second floor and is occupied by a gift and leisure shop. The freehold unit enjoys prominent street frontage to Scott Road and is close to the mall entrance and main concourse.
Spanning 710 sq ft, the freehold Midpoint Orchard unit is located at the ground floor and is occupied by a moneylender. The unit, which is directly opposite Somerset MRT station, is one of the few that enjoys street frontage onto Orchard Road.
According to Ong Zhen Hao, JLL’s Capital Markets Director, strata retail units in Orchard that come with prominent frontage are rare and scarce. He noted that the units, which are all fully tenanted, offer competitive rental yields of between 3% and 4%.
“Given the excellent attributes of these properties, prospective purchasers may also consider exploring various alternative uses in future, including food and beverage, retail showroom, medical clinic and fitness centre amongst others, subject to relevant authorities’ approvals,” he said as quoted by BT.
Foreigners are eligible to acquire the units, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable since they are approved for commercial use.
The public tender exercise for the units closes on 5 May.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
Related Articles: