Seven strata retail units in Orchard Rd up for sale

Singapore

A PORTFOLIO of seven strata retail units located in various Orchard Road malls is up for sale via public tender with a guide price of S$18.8 million, exclusive marketing agent JLL said on Monday.

The pricing for the seven individual units - one in Far East Plaza, two in Lucky Plaza, one in Midpoint Orchard and three in Orchard Plaza - ranges from S$1.48 million to S$6.28 million. The units can be sold individually or collectively as a portfolio.

The Far East Plaza second-floor freehold unit, which is occupied by a gift and leisure shop, has a strata area of 409 square feet (sq ft). It has a prominent street frontage onto Scotts Road and is near the mall entrance and main concourse, JLL said.

In Lucky Plaza, the two adjoining freehold units with a strata area of 205 sq ft and 237 sq ft are located in the basement. They are near the entrance of the underpass linking Ngee Ann City to Lucky Plaza, offering dual frontages and entrances as well as flexibility in terms of space usage, JLL said. Both units are occupied by a single tenant in the electronics trade.

The freehold Midpoint Orchard ground floor unit spans 710 sq ft and is leased to a moneylender. JLL said the strata unit is one of the few with street frontage along the Orchard Road stretch and is directly opposite Somerset MRT station.

Meanwhile, the three ground floor Orchard Plaza units have a 99-year tenure and are all street-fronting. Two of the units are adjoining and face Orchard Road, while the remaining is situated next to the mall's entrance along Cavenagh Road and beside the lift lobby.

JLL capital markets director Ong Zhen Hao said strata retail units in Orchard with such prominent frontages are scarce and rarely put up for sale. He said all the properties are fully tenanted and offer competitive rental yields ranging from around 3 to 4 per cent.

"Given the excellent attributes of these properties, prospective purchasers may also consider exploring various alternative uses in future, including food and beverage, retail showroom, medical clinic and fitness centre among others, subject to relevant authorities' approvals," he said.

As the properties are approved for commercial use, foreigners are eligible to purchase them. There is also no additional buyer's stamp duty or seller's stamp duty.

The public tender exercise for the properties will close at 3pm on May 5.