Singapore, 10 November 2022 – Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is pleased to offer a portfolio of 39 prime strata commercial units in Singapore Shopping Centre for sale. The sale will be conducted via an Expression of Interest exercise which closes on 9 December 2022 at 3 pm.
Singapore Shopping Centre is a seven-storey commercial development located in Orchard Road, Singapore’s prime business, shopping and lifestyle hub.
The portfolio features contiguous commercial space arranged across two floors, approximately 8,600 sq ft on one and 14,400 sq ft on the other. The 23,000 sq ft of commercial space for sale represents approximately 22% of total strata area and 20% of total share values in the development.
The guide price for the portfolio is S$40 million, reflecting approximately S$1,739 per square foot on its strata area.
Interested parties have the flexibility to acquire the entire portfolio or individual strata units. As commercial properties, there is no Additional Buyer’s Stamp Duty nor Seller’s Stamp Duty payable and no restriction on foreign ownership.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “Strata subdivision of commercial developments in Orchard Road is no longer allowed. This portfolio of prime commercial space offers an affordable option for owner-occupiers looking to operate business in a central location.”
The subject property is well suited for a wide range of uses such as commercial school, coworking space, recreation centre, association premises or fitness centre, among others. Past occupiers include NTUC Lifestyle Club and Tourism Management Institute of Singapore.
“The property will also appeal to investors seeking future potential capital upside. Leveraging its strategic location in Orchard Road, the subject property will benefit from the plans for a major revamp of Orchard Road that will invigorate the location as a lifestyle destination,” adds Ms Swee.
The Dhoby Ghaut area, where the development is located, is set for a facelift that will be completed progressively from 2025, with the expansion of Istana Park, pedestrianisation of Orchard Road, and the creation of a lush green corridor that includes orchid-themed and nature-play gardens, among others. Additionally, the area already boasts of excellent connectivity, and all of these will inject greater vibrancy into the area.
Singapore Shopping Centre enjoys prominent frontage facing Istana Park, Dhoby Ghaut Green and Dhoby Ghaut MRT Interchange which serves three MRT lines. Landmarks in the vicinity include commercial developments such as 9 Penang Road that is majority let to UBS, Citadines Connect City Centre, Ji Hotel Orchard Singapore, and Plaza Singapura.
ENDS
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For further information contact: Swee Shou Fern (Ms) Executive Director Investment Advisory DID: +65 6393 2523 Email: shoufern.swee@etcsea.com |
Media please contact: Seah Li Ching Head Corporate Communications DID: +65 6393 2369 Email: liching.seah@etcsea.com |