Peninsula Plaza Office Units Up For Sale At $9.29m

Mixed-use development Peninsula Plaza is located near City Hall MRT station.

Three adjoining office units at Peninsula Plaza have been put up for sale via an expression of interest (EOI) exercise, carrying an indicative price of $9.29 million or $2,180 per sq ft (psf) on strata area, revealed marketing agent CBRE.

Located on the 12th storey, each of the units has a floor area of between 1,001 sq ft and 1,776 sq ft. The 999-year leasehold units have a combined area of 4,262 sq ft.

Yap Hui Yee, Associate Director of Capital Markets at CBRE, noted that units’ $2,180 psf price is “attractive compared to the office units at the nearby High Street Plaza and The Adelphi that are transacting at $2,400 to $2,600 psf”.

She revealed that prospective buyers – whether local or foreigner – may acquire the units individually or collectively, with no additional buyers’ stamp duty or sellers’ stamp duty payable.

Mixed-use development Peninsula Plaza comprises a six-storey retail podium as well as a 24-storey office block with parking spaces on the sixth floor.

It is located near the City Hall MRT interchange station, offering easy access to the North-South and East-West lines. Neighbouring developments include The Adelphi, Raffles City, Capitol Piazza and the upcoming Funan, while prominent landmarks include the Supreme Court, the National Gallery and St Andrew’s Cathedral.

“The successful buyer will continue to benefit from the ongoing rejuvenation within the City Hall vicinity which has seen much transformation with new or refurbished developments,” said Yap.

“We are optimistic that the property’s rare 999-year tenure, centralized location and excellent connectivity are strong attributes that will appeal to both end-users and investors.”

The EOI exercise for the units closes on 29 May.

Source: 25 April 2019, CommercialGuru