SINGAPORE, July 13, 2023 /PRNewswire/ — Brilliance Capital is pleased to announce the exclusive offering of a premier portfolio of 14 commercial units in Parkway Centre. This attractive investment opportunity presents prospective buyers with a chance to acquire in bulk commercial strata properties in one of the most prime locations in the East.
Parkway Centre is a 13-storey commercial development comprising of retail and F&B units on the first storey, along with office and commercial units from the 2nd to 13th storeys. The ground floor podium is helmed by anchor tenants such as McDonalds and Subway, with other shops offering a myriad of food and services. The building is strategically located in a populous and affluent area in the East and attracts crowds from all over Singapore.
It enjoys a prominent location next to the upcoming Marine Parade MRT Station and is renowned for attracting education and enrichment centers, music schools, wellness and fitness establishments, as well as office occupiers. Its prime location in the heart of Marine Parade offers unparalleled connectivity and convenience, further solidifying its status as a coveted commercial, education, and lifestyle hub in the East. Additionally, Parkway Centre provides direct connectivity to a multi-storey car park, ensuring ample parking for businesses and visitors alike, making it an ideal destination for a wide range of enterprises.
The 14 commercial units in this portfolio have a total strata area of approximately 15,897 square feet, with individual sizes ranging from 732 square feet to 1,356 square feet. There is potential to amalgamate adjoining units to form bigger combined spaces. The guide price at S$29.3 million works out to an average price of $1,843 per square foot.
Ms Sammi Lim, Founder and Executive Director, Brilliance Capital Pte Ltd, said: “Parkway Centre is widely known as a popular development in the East, commanding extremely high footfall and boasting a strong catchment of human traffic. With the upcoming opening of the Marine Parade MRT Station next year, there is high anticipation as it serves as a game changer for this locale, further enhancing its status as one of Singapore’s most desirable and admired neighborhoods.
The Vendor has decided to on this sale exercise because they have received enquiries from potential buyers for individual units or bulk and as such, they decided to launch a proper process so that any interest can be transparent and managed by a single party to get the best outcome for all parties.
While the intention is to sell all 14 units as a portfolio, the vendor is open to reviewing offers for individual unit purchases due to multiple inquiries received from the market. They understand the increasing difficulty for investors to find good commercial properties for investment, as well as the challenge for end-users in finding premises ideal for their own use.
This portfolio has demonstrated strong potential for both capital appreciation and rental returns, making it an attractive proposition for discerning investors. Notably, we have observed significant interest in bulk purchases from family offices, ultra-high net worth individuals, corporates, and private funds, both local and overseas, focusing on commercial assets. The combined units will represent a major stake of approximately 13.35% of the MCST total share value, significantly adding value for bulk purchasers. These purchasers may choose to retain some units for their own use and lease out the rest for future investment returns.
The leasing market has experienced positive growth, witnessing a rapid recovery and increased demand for commercial spaces suitable not only for typical offices and retail establishments but also for units with potential for other usages such as commercial schools, enrichment centers, student care facilities, music schools, and fitness and wellness centers. The rising leasing momentum has boosted investor confidence in commercial unit investments, as well as prompting tenants to keenly explore long-term stability through purchase options.
Moreover, due to restrictions imposed by the authorities on the strata subdivision of commercial properties, existing strata-titled commercial units hold a competitive advantage, as they still allow ownership of commercial assets on a smaller scale.”
As a full commercial zoned property, this purchase is open to both local and foreign buyers with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD).
Brilliance Capital serves as the sole marketing agent for this sale.
About Brilliance Capital Pte. Ltd.
Brilliance Capital is a full-service real estate agency that assists and advises ultra-high net worth individuals, local and foreign family offices, as well as property developers, publicly listed companies, and local and overseas private funds on the purchase and sale of real estate assets. Founded and led by Sammi Lim, the firm engages the industry’s most elite professionals, and boasts a dynamic team of agents specializing in the sale and leasing of the entire spectrum of properties which includes, residential condominiums, landed houses, commercial properties, industrial assets, collective sales, as well as consultancy and advisory services.