Three Strata Retail Units Orchard Marine Parade And Bukit Merah Sale 83 Mil
CBRE, the exclusive marketing agent, has put up for sale a trio of strata retail units located in Orchard, Marine Parade and Bukit Merah through an expression of interest (EOI). The entire portfolio is priced at a collective guide price of $8.3 million, but individual units can also be purchased separately.
One of the units for sale is situated in Midpoint Orchard, along Orchard Road, with a guide price of $4.8 million or $4,550 per square foot (psf). It is a freehold unit with a strata area of approximately 1,055 sq ft on the second level of the mall and is currently tenanted by a dental clinic. The mall is conveniently located near Somerset MRT Station on the North-South Line and just behind a bus stop.
The second unit is situated in Parkway Parade, a 22-storey commercial development comprising an office tower and a seven-storey retail mall. It is located in front of Marine Parade MRT Station on the Thomson-East Coast Line. The retail unit has a strata area of around 657 sq ft and a guide price of $2.2 million, or $3,349 psf. It is located on the fifth level of the mall, within an area dedicated to a medical centre. The unit is currently fully tenanted by a dental clinic. According to CBRE, this unit is one of the few not owned by Parkway Parade Partnership, which holds about 77% of the strata retail lots in the development.
The third property up for sale is an HDB shop unit at 163 Bukit Merah Central, situated on the third floor. It has a strata area of 840 sq ft and is priced at a guide price of $1.3 million, or $1,548 psf. The unit will be sold with vacant possession. Located within Bukit Merah Town Centre, the retail unit enjoys the proximity to various amenities such as a food centre, polyclinic, supermarket, HDB branch office, and a variety of retail shops and services.
Clemence Lee, executive director of capital markets at CBRE Singapore, believes that the units will appeal to both investors and end-users. He adds, “The units at Midpoint Orchard and Parkway Parade offer a strong tenant covenant with attractive income, while the one in Bukit Merah provides an ideal operational space for businesses seeking a strategic presence in that area.”
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All three properties are commercial units and are not subject to additional buyer’s stamp duty or seller’s stamp duty. The EOI exercise will close on April 30 at 3pm.