Ravi Chandran
JLL, as the exclusive marketing agent, is pleased to offer for sale two prime 999-year leasehold strata retail units located at the basement level of Peninsula Plaza.
Located in the heart of City Hall, Singapore’s Civic District, Peninsula Plaza is a 32-storey office building with a 5-storey retail podium. Widely known as Singapore’s “Little Burma”, the retail podium offers a myriad of F&B, retail and service offerings. The basement is filled with restaurants and eateries, popular amongst visitors, tourists and locals alike. Due to its outstanding location, Peninsula Plaza bustles with activities from day to night.
Occupying an excellent location with a prominent frontage at the basement of Peninsula Plaza, the two strata retail units has direct escalator access from Level 1. Both strata retail units have a combined strata area of approximately 4,779 sq ft and a lease tenure of 999-year from 29 October 1829. The units are fully leased and there are a total of 5 tenants including 2 restaurants and 3 retail tenants.
The City Hall area is undergoing substantial rejuvenation with several new and upcoming developments underway, further cementing the area as a cultural, retail and lifestyle destination. Adjacent to Peninsula Plaza is the new Funan Shopping Mall that is currently undergoing a $560 redevelopment project and will be revamped into an integrated development consisting of a six-storey retail mall, two office towers and a tower of co-living serviced apartments.
Over at The Capitol, the ultra-luxurious six-star Capitol Kempinsi Hotel has recently open its doors to guests in Q4 2018. Other notable new developments in the area includes Duo Towers and The South Beach.
Peninsula Plaza is located within a short walking distance to City Hall MRT Interchange. A new underground walkway is slated to complete in 2020, linking City Hall MRT interchange to the new Funan Shopping Mall and Adelphi with provisions for future connections to Peninsula Plaza which will further boost accessibility.
Mr Clemence Lee, Senior Director, Capital Markets, JLL, said: “Strata retail units located at the basement and ground floor in Peninsula Plaza are highly-sought after due to its excellent accessibility and high footfall. Such units, especially those approved for F&B use, are tightly held and rarely made available for sale. Furthermore, being located in the City Hall area, the units are well-poised for capital and rental appreciation with the ongoing rejuvenation in the area.
This is a rare chance for investors to acquire prime income-generating strata retail assets with strong upside potential. We expect keen interest from local investors, family offices, high net-worth individuals as well as owner occupiers.”
As this is a commercial property, foreigners are eligible to purchase the strata retail units.
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There is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The guide price for the strata retail units is $16 million, which translates to about $3,350 per sq ft on strata area.
The sale of the strata retail units will be conducted through an Expression of Interest exercise which closes on Thursday, 31 January 2019, at 3pm.
Paul Ho, the chief mortgage consultant at iCompareLoan said: “Properties such as the strata retail units in Peninsula Plaza may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.”
He added: “To buy a commercial or industrial property under company name where the company is well established with an existing operating business with strong financials, TDSR may be waived on the individual. However director is usually required to become personal guarantors of the loan the company undertakes. Hence this may affect the director’s other purchases, such as for buying a residential property, due to the loading from the TDSR for guaranteeing a loan.”
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