Thirty-three strata retail units at Parklane Shopping Mall are up for sale at $55.7 million ($2,200 psf), announced Colliers International, the marketing agent for the property.
The property for sale, on Basement 1, spans 25,317 sq ft, with units ranging from 248 to 2,002 sq ft. The units are near the stairway that leads directly to the main entrance of Parklane Shopping Mall. Each unit has a 99-year lease, with effect from Dec 1, 1974.
All retail units are currently tenanted. Tenants include McDonald’s, Comics World and cyber gaming cafes. Of the 33 retail units, the tenancy lease for 14 units will be expiring in 2020. “Investors may consider an upward revision of rents upon expiry of the existing lease and yield a higher return,” says Colliers.
Parklane Shopping Mall is in the Bras Basah/ Bugis arts and cultural precinct. This is also where tertiary education institutions, such as Singapore Management University, LASALLE School of the Arts, and the School of the Arts, are located.
The mall is also within walking distance to four MRT stations: Rochor and Bencoolen Stations on the Downtown Line; Bras Basah Station on the Circle Line; and Dhoby Ghaut Interchange Station, which connects the North-East Line, North-South Line and the Circle Line.
Foreigners are eligible to purchase the retail units. Additional buyer’s stamp duty and seller’s stamp duty are not applicable.
The expression of interest exercise will close at 3pm on Sept 26.
For price trends, recent transactions, other project info, check out the Parklane Shopping Mall project details page
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