Ten strata shops at Cuppage Plaza on the market for $12 mil
/ EdgeProp Singapore |
Interior view of Cuppage Plaza (Picture: PropNex Realty)
SINGAPORE (EDGEPROP) - Ten adjoining strata shops at Cuppage Plaza, off Orchard Road, will be put up for sale via tender on Mar 8. The shops have an indicative price of $12 million, or $2,347 psf on the combined strata area of 5,112 sq ft. The shops are owned by a single owner, who has held the portfolio since Cuppage Plaza was built, according to marketing agent PropNex Realty.
Tracy Goh, head of investment and collective sales at PropNex, highlights that the shophouses are fully rented out and will be sold with the existing tenancy.“The space has always been fully leased since day one and has never been vacant over the last four decades, owing to its sought-after location,” she comments.
All 10 shops, which have approval for nightclub use, are currently leased out to a nightlife business operator. Goh adds that the portfolio has a gross rental yield of over 4%, which she expects will appeal to investors seeking recurring income.
Cuppage Plaza is a commercial development located at 5 Koek Road in District 9 with a 99-year leasehold tenure starting from August 1979. It is located off the stretch of Orchard Road close to Somerset MRT Station. Surrounding developments include Orchard Point, Cuppage Terrace, The Centrepoint, Orchard Plaza, and Holiday Inn Singapore Orchard City Centre. (Find Singapore commercial properties with our commercial directory)
Caveat data logged with URA show that between 2018 and 2022, only five shops at Cuppage Plaza changed hands. The most recent transaction was for the sale of a 269 sq ft retail space for $795,000 ($2,954 psf) in June 2022.
Recent transactions at Cuppage Plaza (Source: EdgeProp Research tool)
Goh anticipates the portfolio to benefit from a more robust nightlife and entertainment industry following the pick-up in tourist arrivals post-Covid-19. In addition, the government’s ongoing plans to revitalise Orchard Road should are also expected to have a positive impact.
The tender for the shops will close on May 3 at 2pm.
Check out the latest listings near Cuppage Plaza, Somerset MRT Station
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