SINGAPORE, Nov. 16, 2023 /PRNewswire/ — Brilliance Capital is pleased to launch for sale four adjoining strata-titled retail units within Peninsula Plaza, a mixed-use office and retail commercial development, via Expression of Interest at a guide price of S$50.8 million.
Peninsula Plaza is an iconic 30-storey mixed-use development comprising a six-storey retail podium with a 24-storey office tower. Sitting on an island site, Peninsula Plaza commands prominent main road frontages along North Bridge Road, Coleman Street and Coleman Lane. It is right in the heart of the Civic District and within the Business and Financial Centre of Singapore and is of equidistant Orchard Road Shopping Belt and Bugis-Rochor Budding Arts, Cultural and Rejuvenated Business District. The development enjoys excellent connectivity, including a sheltered route linking to City Hall MRT Interchange Station.
Located strategically in City Hall, the prominent retail podium houses a diverse range of establishments, including popular local and Myanmar food and beverage outlets, retail shops, and various services outlets. It is also anchored by one of Bata’s Flagship stores. The office floors are characterized by occupiers representing a broad spectrum of businesses which include corporate offices, law firms, corporate secretarial companies, and property developers, amongst many others.
The advantageous location of Peninsula Plaza places it in proximity to several prominent shopping and recreation destinations. Funan, Raffles City, Adelphi, CHIJMES, Singapore Cricket Club, and Singapore Recreation Club contribute to a vibrant and lively neighborhood. This is further enriched by the presence of educational institutions and upscale hotels like Singapore Management University (SMU), Kempinski Hotel, Swissotel The Stamford, and Fairmont Hotel.
Enjoying the benefits of a prime location in a bustling commercial district, this locale is characterized by a dynamic blend of commercial, cultural, and hospitality offerings, ensuring a high visibility and footfall for businesses within the retail quartet, easily accessible to both locals and tourists. The F&B landscape within Peninsula Plaza serves as a microcosm of cultural diversity. Local Singaporean flavors intertwine harmoniously with the distinctive tastes of Myanmar, creating a culinary tapestry that resonates with both communities. This cultural fusion not only enriches the dining experience for patrons but also contributes to the unique identity of Peninsula Plaza within the broader City Hall landscape.
The subject property stands out as the largest contiguous retail quartet currently available, boasting a substantial total strata area of approximately 16,038 square feet, and located at the basement level. This expansive space comes with four separate strata titles, offering flexibility for the buyer. One of the key highlights of the subject property is its exceptional accessibility, where it provides three direct access points for ease of entry. The street level of North Bridge Road welcomes patrons through an exclusive sheltered stairway, while Coleman Street offers a second option via escalator access. Additionally, a convenient sheltered underpass connects the property seamlessly to Peninsula Excelsior and Shopping Centre, enhancing connectivity and foot traffic. The units also offer a versatile layout and flexibility in internal configuration for the tenants. Businesses have the opportunity to occupy one or more strata titles, allowing for tailored layouts and accommodating a diverse range of business concepts.
Ms. Sammi Lim, Founder and Executive Director of Brilliance Capital Pte Ltd, said: “In Singapore, the appeal of large, contiguous strata spaces with separate access has evolved into a coveted investment asset. The intrinsic value lies in the prospect of extended or 24/7 operating hours which offers extra versatility for the tenants.
With the restrictions in strata subdivision for new developments with no new strata supply expected in the vicinity, such purchase opportunities have become increasingly popular. In addition, the rarity of securing a Public Entertainment license and with food court, restaurant, night club and karaoke lounge change of use approvals, the units do hold competitive advantage for the right users. Operators who require a Public Entertainment license and are looking to expand their portfolio and mitigate future rental uncertainties will find this opportunity extremely compelling. Similarly, it beckons aspiring commercial real estate owners, offering the security of immediate rental income from strong profile tenants. Investor-buyers can unlock additional capital value by exploring potential conversions to higher income-generating uses or selling down the units on a piecemeal basis.
The potential buyer pool spans local and overseas corporates, private funds, family offices, and ultra-high net worth individuals. Our observations indicate another segment of buyers from successful collective sales projects in the lights of Peace Centre, Shenton House and Far East Shopping Centre, who have been on the lookout for replacement properties, and also tenants who have been displaced and looking for alternative locations and now ready to buy in order to secure a long-term location.
This resilient asset class not only offers steady cash flow and income appreciation but also strategically positions investors to capitalize on strong capital value upside. Opportunities like these are rare, making this one not to be missed in the landscape of Singapore’s real estate market.
As a commercial property, both local and foreign buyers are eligible to purchase with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD) payable.
Brilliance Capital is the sole marketing agent for this Expression Of Interest Exercise.
The Expression of Interest closes on 18 January 2024, Thursday at 3.00 p.m.
About Brilliance Capital Pte. Ltd.
Brilliance Capital is a boutique real estate consultancy that provides advisory and agency services covering commercial and industrial investments, residential sales, and leasing services of all asset classes. Brilliance Capital is the brainchild of Sammi Lim – an extension of herself and her dedication in helping clients buy, sell, lease their properties, especially for corporates, institutional funds, ultra-high net worth individuals and private family funds that aim to diversify into real-estate investments.