Three strata retail units in Orchard, Marine Parade, and Bukit Merah for sale at $8.3 mil
A trio of strata retail units throughout Orchard, Marine Parade and Bukit Merah is up for purchase via expression of interest (EOI), says its exclusive marketing agent, CBRE. The overall account has a collective guide cost of $8.3 million, although the units can also be purchased independently.
The initial retail unit, situated in Midpoint Orchard around Orchard Road, has a guide cost of $4.8 million or $4,550 psf. According to CBRE, the freehold unit has a strata area of about 1,055 sq ft on level two of the shopping center and is currently tenanted to an oral clinic. Midpoint Orchard is located within proximity to Somerset MRT Station on the North-South Line and is positioned directly behind a bus stop.
The 2nd retail unit is located in Parkway Parade, a 22-storey industrial project that comprises a workplace tower and a seven-storey retail mall. The shopping center stands in front of the Marine Parade MRT Station on the Thomson-East Coast Line.
The third property for deal is an HDB outlet unit at 163 Bukit Merah Central. Situated on the 3rd level, it provides a strata area of 840 sq ft and is priced at an overview of $1.3 million, or $1,548 per sq ft. The unit will be sold with vacant ownership.
All three properties are commercial units, that means they are not subjected to additional buyer’s stamp duty or seller’s stamp duty. The EOI exercise is set to seal on April 30 at 3pm.
The retail unit has a strata location of about 657 sq ft and has an overview cost of $2.2 million, or $3,349 psf. It stands on level five of the mall, inside an area dedicated to a clinical centre. Currently, the unit is completely tenanted to an oral clinic. CBRE states the unit up for sale is one of minority not held by Parkway Parade Partnership, which has around 77% of the strata retail lots at the property development.
Found within Bukit Merah Town Centre, the retail unit benefits from its proximity to a variety of services, including a food centre, polyclinic, supermarket, HDB branch office and a selection of retail shops and services.
Clemence Lee, executive administrator of capital markets at CBRE Singapore, says the units will appeal to both investors and end-users. “The units at Midpoint Orchard and Parkway Parade provide a solid tenant covenant with attractive revenue, whilst the one in Bukit Merah offers an ideal operational space for businesses seeking a critical visibility because location,” he adds.
