SINGAPORE, 21 August 2019 - Fifteen strata offices at Peninsula Plaza located at 111 North Bridge Road (the “Properties”), have been put up for sale via a Tender exercise by Cushman & Wakefield, the appointed exclusive marketing agent for the Properties. The Properties can be sold en masse or on piecemeal basis in accordance with the units’ existing tenancies.
Peninsula Plaza is situated on a rare 999-year leasehold plot in the heart of Singapore’s bustling Civic District -- City Hall, surrounded by prominent buildings such as the St. Andrew’s Cathedral, National Gallery and The Supreme Court. It is a 30 storey mixed use building comprising a five-storey retail podium and a 24-storey office block and a car park. The prime site is easily accessible and is strategically located across from the City Hall MRT Interchange Station. Amenities are readily available a stone’s throw away at malls such as Funan, Raffles City and Capitol Piazza. It is also within walking distance to the Bras Basah MRT Station on the Circle Line.
The Properties to be divested are located on the sixth floor with a combined strata area of 7,804 sq ft approximately. There are various sizes available for acquisition, starting from 549 sq ft.
Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “Strata offices in central locations are highly sought after since they are very limited in supply, especially those with 999-year leases such as Peninsula Plaza. Investors need not worry about a diminishing lease as Peninsula Plaza has a balance land tenure in excess of 809 years.”
Mr Poh also added that, “In recent years, the rentals in the Central Business District (CBD) have also crossed double digits, prompting Small and Medium Enterprises to invest in office spaces around areas such as City Hall or Bugis to operate their businesses”.
The indicative price for the Properties is $2,255 per sq ft or $17.6 million for the acquisition for all fifteen units, within the price range of recently transacted units at Peninsula Plaza which hit $2,500 per sq ft earlier in April this year. The Tender exercise closes on 25 September 2019 (Wednesday), at 3.00pm.
For further information, please contact:
Head, Capital Markets
+65 6232 0882
Associate Director, Communications, Singapore
+65 6317 8349