CBRE is pleased to offer three prime commercial units in Orchard Towers and Marine Parade Central for sale respectively through an Expression of Interest exercise.
Two strata-titled freehold units for sale at Orchard Towers
The first offering at Orchard Towers comprises two strata titled freehold retail units with total strata area of approximately 8,105 square feet, which are located on the ground and basement levels of the shopping mall. The ground floor unit enjoys prominent main street frontage with high visibility and commands voluminous foot traffic. The basement unit has dual entrance access from direct street level and basement level, adding a touch of extra convenience. Current anchor tenants of these units are 7-11 and a food court.
Orchard Towers is strategically located at the junction of Orchard Road and Claymore Road, giving the for sale units direct dual-road access from its shop front. Well situated at the start of Orchard Road, the units benefit greatly from the shopper traffic spill from the surrounding commercial, hotels and residential developments. Landmarks nearby include Forum The Shopping Mall, Four Seasons Hotel, Palais Renaissance and Pan Pacific Orchard Hotel. One of the key attributes of the building is its ample car park space, excellent by industry standards and a convenience to shoppers and retailers alike.
This is an extremely rare opportunity to purchase freehold shops in the prime Orchard area and with visible ground floor street frontage at that. Recent caveats lodged for nearby Lucky Plaza showed that ground floor retail shops were being transacted in the range of $8,630 and $13,714 per sq ft in 2013, while a third floor unit in Orchard Towers was transacted for $6,636 per sq ft in May last year. Over at Far East Plaza, caveats shown that for shops on the second to fifth floors, transactions were in the range of $5,404 and $9,590 per sq ft for the whole of 2013.
Whole ground and second floors commercial unit for sale at Marine Parade Central
The next purchase opportunity at Marine Parade Central is a commercial unit that spans across the entire ground and second floors of Block 87 with a strata area of approximately 25,833 square feet. This block is the main thoroughfare in Marine Parade Central. Situated between the Marine Parade Food Centre and Parkway Parade Shopping Centre, it enjoys prominent frontage on all sides of the building. An overhead bridge connects the block directly from the opposite side of the road and being near the bus stop draws a high volume of crowd. Current prominent anchor tenants include ANZ Bank, Maybank and Standard Chartered Bank.
The Property is prominently located in Marine Parade Central just opposite Parkway Parade Shopping Centre, one of the largest suburban shopping malls serving the Eastern region of Singapore. Its strategic location leverages strongly on the hive of bustling activities in the area. The locality is in an established private residential enclave with a vibrant and affluent neighbourhood. The exciting F&B and retail scene in the area allows the Property to enjoy very high human traffic flow. Landmarks nearby consist of other commercial buildings, hotels and shopping malls including 112 Katong, , Grand Mercure Roxy Hotel, Katong V, Parkway Centre, Roxy Square and the new Village Hotel Katong .
According to recent caveats lodged, ground floor and basement shops at The Flow along East Coast Road that is under construction, were transacted in the range of $4,008 and $5,789 per sq ft over the past nine months.
This is a valued opportunity for any ground floor shop to be available for sale in the Marine Parade Central area and is ideal for various uses including banking halls, food & beverage, learning centres, offices and retail.
The property will certainly benefit from the constant rejuvenation and transformation of the Marine Parade area. Population density has increased with many of the new completed condominium blocks such as Coralis, Parc Seabreeze and The Shore Residences leading to even greater vibrancy in this area. In addition, the future Eastern Region MRT Line will complement the existing East West Line to enhance inter- and intra-town travelling within Singapore.
Foreigners are Eligible to Buy
As Orchard Towers and Marine Parade Central units are under the commercial property zoning, both local and foreigners are eligible to purchase with no additional buyers’ stamp duty (ABSD) and no sellers’ stamp duty (SSD) imposed on the purchase of the property.
Sammi Lim, Associate Director, Investment Properties, CBRE said, “Ground floor shops are very tightly held and considered to be the crème de la crème in the retail sector, and it is extremely rare for units to be made available for sale in the market. Amid the strong interest in commercial properties, especially retail shops, and the scarcity of such ground floor street facing purchase opportunities in the market, we expect the property to attract strong interest from corporates, F&B operators, retailers, private-equity firms, as well as high net-worth individuals and family offices.”
“Interest from both local and overseas looking for quality and strong yielding assets like commercial cum retail units in Orchard Towers and Marine Parade Central for potential rental and capital appreciation with a mid- to long-term view are also expected. The property will also attract a growing pool of end-user purchasers who have been looking for a suitable asset to acquire and occupy, and to fully exploit the convenience and value of the location.”
CBRE is the sole marketing agent for this expression of interest.
The expression of interest for both properties closes on 30 May 2014, Friday at 3 pm.
- END -
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.