Located in the first level basement, the 33 strata units have a floor area ranging between 248 sq ft and 2,002 sq ft as well as a leasehold tenure of 99 years that started from December 1974. It has an indicative value of $55.7 million.

33 strata retail units at Parklane Shopping Mall have been put up for sale via an expression of interest (EOI), with an indicative value of $55.7 million, revealed marketing agent Colliers International.

This works out to $2,200 per sq ft (psf) based on the property’s total strata floor area of 25,316.7 sq ft.

Located in the first level basement, the 33 strata units have a floor area ranging between 248 sq ft and 2,002 sq ft as well as a leasehold tenure of 99 years that started from December 1974.

The units will be sold with tenancy, with tenants including Comics World, McDonald’s and cyber gaming cafes.

Colliers noted that the tenancy lease for 14 units are set to expire next year, offering opportunity to refresh and reposition tenant mix for such units. Investors may also consider raising rents after the expiration of the existing lease to yield higher returns.

“Subject to relevant approvals for the change of use, the units could potentially be leased to private education services providers, F&B operators such as food court or hotpot restaurant, or even a supermarket – all of which should tap into the growing population catchment in the area,” said Steven Tan, director of capital markets & investment services at Colliers International.

“In addition, Parklane Shopping Mall presents en bloc sale potential given its age profile and prime location.”

Located at Selegie Road, Parklane Shopping Mall is within the Bras Basah/Bugis arts and cultural precinct in the city, near various schools including Singapore Management University, School of the Arts and LASALLE School of the Arts. A growing luxury private residential enclave can also be found in the immediate surroundings.

The mall is close to four MRT stations – Rochor, Bencoolen, Bras Basah and Dhoby Ghaut stations.

Since the retail units are on land zoned for commercial use, foreigners are allowed to acquire them, with no additional buyer’s stamp duty and seller’s stamp duty payable.

The EOI exercise for the strata retail units closes on 26 September.

Source: 22 Aug 2019, CommercialGuru