Portfolio of 18 strata units at Orchard Shopping Centre for sale at S$90m indicative price

A PORTFOLIO of 18 strata-titled retail units at Orchard Shopping Centre is being put up for sale via an expression of interest exercise with an indicative price of S$90 million, said exclusive marketing agent CBRE on Tuesday (Mar 29).

The 18 freehold contiguous units are located on levels 1 and 2 of the mall, and span part of the ground floor and the entire second floor of the building.

Both floors have a total strata area of 8,934 square feet, which represents 18 per cent of the total strata area, or 23.5 per cent of the total share value of the development. The units are currently fully occupied by tenants including Maybank, RHB Bank and a Chinese hotpot restaurant.

Clemence Lee, senior director of capital markets, Singapore at CBRE said: "Orchard Road facing freehold retail properties have always been regarded as generational trophy assets and are almost never available for sale."

Lee added: "We expect strong interest from both local and foreign family offices, high net worth individuals, companies and boutique real estate funds."

CBRE said foreigners are eligible to purchase the units with no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the commercial property transaction.

Orchard Shopping Centre is a 9-storey commercial development along the junction of Orchard and Grange Road, with a 3-storey retail podium and a wide 63-metre dual road frontage, CBRE noted.

The expression of interest exercise will close on May 4 at 3pm.

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