Mindy Tan | The Business Times | Saturday, Aug 17, 2013

SINGAPORE

The sixth floor of Peninsula Plaza is up for sale, with a guide price in excess of $32.5 million.

Based on the total floor area of about 13,014 square feet, this works out to about $2,500 per square foot (psf).

The office floor is held in four strata lots with strata areas ranging from 602 sq ft to 5,263 sq ft. Quantums range from about $1.5 million to $13.5 million.

“This opportunity provides owner occupiers with a long-term office accommodation solution within a prime office building located in the CBD,” said CBRE and Jones Lang LaSalle, the joint marketing agents.

“Investors have the ability to capture a potential recovery in the office rental market, which is poised for growth on the back of limited new supply in 2013 and 2014,” it added.

Located at 111 North Bridge Road, the 999-year-leasehold Peninsula Plaza is within Singapore’s civic district and within minutes’ walk to the City Hall MRT interchange. The expression of interest exercise will close on Sept 18 at 3pm.

Separately, five refurbished shophouses on Amoy Street have been launched for sale.

The five contiguous units, at 112 to 116 Amoy Street, have a site area of about 11,759 sq ft and a gross floor area (GFA) of about 27,000 sq ft.

While guide price indications were unavailable, CBRE recently sold 81 South Bridge Road for $13 million or $2,300 psf over the GFA.

Recently transacted shophouses in the Ann Siang area, on the other hand, have averaged $2,500 to $2,700 psf over the GFA.

“Prospects continue to look for such quality shophouse assets in the CBD for long-term hold. There is very limited supply of such assets with a distinctive facade, unique charm and rich historical value; and five adjoining shophouses in a row in a centrally located area is an extremely rare opportunity,” said Sammi Lim, associate director, Investment Properties, CBRE.

“The adjoining shophouses provide the buyer with the extra flexibility and creativity to configure the space to suit their own-use requirements or cater to the needs of tenants,” she added.

The units feature strong anchor tenants including Beng Hiang Chinese Restaurant located on the ground floor, and Roomorama.

The site is zoned for commercial use under the Chinatown (Telok Ayer) Conservation Area.

The expression of interest closes on Sept 24 at 3pm.

http://business.asiaone.com/news/prime-office-space-five-shophouses-sale