Three Strata Retail Units Orchard Marine Parade And Bukit Merah Sale 83 Mil
Per CBRE, a group of three retail units located in popular areas of Singapore are available for purchase through an expression of interest (EOI). CBRE, the exclusive marketing agent for these units, has set a collective guide price of $8.3 million for the entire portfolio. However, interested buyers also have the option of purchasing the units individually.The first unit, located on the second level of Midpoint Orchard along Orchard Road, has a guide price of $4.8 million or $4,550 per square foot (psf). This freehold unit spans approximately 1,055 square feet and is currently tenanted by a dental clinic. Midpoint Orchard is situated near Somerset MRT Station on the North-South Line and is conveniently located near a bus stop.The second unit is located on the fifth floor of Parkway Parade, a 22-storey commercial development that includes an office tower and a seven-storey retail mall. The mall, which is located in front of the Marine Parade MRT Station on the Thomson-East Coast Line, offers a strata area of approximately 657 square feet. The unit is currently occupied by a medical centre and is selling at a guide price of $2.2 million or $3,349 psf. It is worth noting that this unit is not owned by Parkway Parade Partnership, which holds about 77% of the strata retail lots at the development.The third unit up for sale is a shop unit within an HDB complex at 163 Bukit Merah Central. This unit, located on the third floor, spans approximately 840 square feet and is priced at a guide of $1.3 million or $1,548 psf. The property will be sold with vacant possession. The location, which is within the Bukit Merah Town Centre, offers an abundance of amenities, such as a food centre, polyclinic, supermarket, HDB branch office, and various retail shops and services.Clemence Lee, executive director of capital markets at CBRE Singapore, believes that these units will attract both investors and end-users. He explains, “The units at Midpoint Orchard and Parkway Parade have strong tenant covenants and provide attractive income, while the one in Bukit Merah offers the perfect operational space for businesses looking to establish a strategic presence in the area.”All three units are zoned as commercial properties, making them exempt from additional buyer’s stamp duty and seller’s stamp duty. Interested buyers have until April 30 at 3pm to submit their offers through the EOI exercise.
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