Far East Plaza (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - A portfolio of nine freehold strata retail units at Far East Plaza, located on the Orchard Road shopping belt, is up for sale via an expression of interest exercise, according to marketing agent Knight Frank Singapore. The portfolio is going for an indicative guide price of $23.6 million.
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The portfolio comprises five units located on level two, and four other units located on level three. Unit sizes range from 300 to 333 sq ft, with the entire portfolio totalling 2,862 sq ft. The units are available for sale on an individual or collective basis. Prices of individual units range from $2.1 million to $5.6 million, depending on their size and location within the development.
Far East Plaza is located along Scotts Road, off Orchard Road and adjacent to Scotts Square. It is within walking distance of Orchard MRT Station, which serves as the interchange for the North-South and Thomson-East Coast Lines.
Mary Sai, executive director, capital markets at Knight Frank Singapore, says that the nine retail units face either the main concourse or atrium within Far East Plaza, which allows them to enjoy maximum visibility and high shopper traffic. “They are currently tenanted by established concepts and will appeal to value-seeking buyers looking for shops with capital appreciation and recurring income,” she adds.
Sai also highlights that Far East Plaza has seen notable transactions over the last two years, including the sales of a second-storey retail unit at $6,689 psf in May and a third-storey unit at $5,161 psf in March 2021.
Recent resale transactions of commercial units at Far East Plaza (Source: EdgeProp Research tool)
She expects the listing to attract keen interest, underpinned by a recovery in the retail sector, restriction of strata subdivision for commercial properties in the Central area, and limited supply of quality retail spaces. (Find Singapore commercial properties with our commercial directory)
The expression of interest exercise for the portfolio will close on Sept 29 at 3pm.
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