Queensway Shopping Centre units for sale for $21.7m

The shop units require no Seller Stamp Duty and Additional Buyer Stamp Duty, and companies and foreigners are also eligible to acquire them.

Three adjoining shop units in the Queensway Shopping Centre have been put up for sale via expression of interest (EOI) with a guide price of around $21.7 million, revealed marketing agent Knight Frank Singapore.

Located on the third storey, the freehold units have a floor plate of 7,654 sq ft and enjoys high visibility since they face the escalator. The units have a combined share value of around 8.12 percent of the development’s total share value.

An attempt by the collective sales committee to secure 80 percent consensus from the owners is underway for the en bloc sale of the development.

“As the subject property is facing main shoppers’ concourse and has high visibility, we expect to receive interest from retailers who want to gain foothold in this mall which has high footfall over the past several years,” said Knight Frank Singapore executive director of investment and capital markets Mary Sai.

“We understand that the subject property was used as a food court several years ago. The new owner may even request through the authorities for a change in use of the premises to set up F&B outlets or even a gym.”

Since they are commercial properties, no Seller Stamp Duty and Additional Buyer Stamp Duty is payable while companies and foreigners are eligible to acquire them.

The EOI exercise for the units closes on 29 August.

Source: 31 Jul 2019, CommercialGuru