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The basement-level unit located in the mixed-use development is 4,090 sq ft. Source: The Adelphi
A 999-year leasehold strata retail unit at the basement level of The Adelphi has been put up for sale via expression of interest (EOI), revealed exclusive marketing agent CBRE.
With an area of 4,090 sq ft, the retail unit is fully leased to a KTV tenant and is located right next to an escalator, facilitating high visibility and footfall.
CBRE noted that although the unit is “currently approved for KTV use, it was previously approved for restaurant use”.
Known as the go-to place for hi-end audio equipment, The Adelphi is a 10-storey mixed-use development in City Hall. It features a five-storey retail podium and a six-storey office block with four levels of basement parking.
It is located at 1 Coleman Street, near the City Hall MRT Interchange station. It is surrounded by many landmarks such as the National Gallery Singapore, Capitol Singapore, Funan DigitaLife Mall and the Capitol Kempinski Hotel. Other notable developments within the area include The South Beach and DUO Tower.
The retail podium’s basement level, where the property on sale is located, features food and beverage offerings that serve office workers within The Adelphi as well as those from nearby office developments.
“With the completion of Funan DigitaLife Mall and Capitol Piazza, the City Hall area has rejuvenated into a bustling retail, F&B and lifestyle precinct located at the doorstep of the Central Business District. We are confident that the property will draw strong interest from astute investors who are looking to acquire a prime strata retail unit within the City Hall area to capitalize on its vibrancy,” said Clemence Lee, Senior Director, Capital Markets, Singapore at CBRE.
Since the subject of sale is a commercial property, foreigners are eligible to acquire it, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
The EOI exercise for the retail unit closes on 18 May.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
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