20th storey of Peninsula Plaza for sale at $21m

20131022-bt-20th-storey-peninsula-plaza-for-sale-$21m-1-pic [SINGAPORE] An entity linked to a Taiwanese shipping company has put up for sale the 20th level of the 30-storey Peninsula Plaza in North Bridge Road, with an indicative price of around $21.3 million or $2,500 per square foot on total strata area.

The floor comprises six strata units ranging from about 990 square feet to 1,776 sq ft and adding up to 8,514 sq ft.

Interested buyers may submit bids for individual units or the whole floor.

Peninsula Plaza is a 999-year leasehold property.

The Taiwanese company occupies two of the six units on Level 20 and is looking for larger premises to either purchase or lease in the old or new financial districts.

It has leased out the remaining four units - three under a single tenancy that ends in May 2016 and one leased out to another tenant until March 2015.

Peninsula Plaza is next to the upcoming Capitol project, which will include a plush hotel, luxury residences, a mall and the historic Capitol Theatre. It is also a stone's throw from City Hall MRT station.

Based on URA caveats data, a 1,044 sq ft office unit on Peninsula Plaza's seventh floor changed hands at $1,980 psf or $2.07 million in March this year while a nearby unit of 355 sq ft transacted at $2,415 psf or $858,000 in February this year.

Last December, three neighbouring units on Level 17 - one was a 1,001 sq ft unit and the other two, 1,485 sq ft each - changed hands at $1,880 psf.

At Springleaf Tower in Anson Road near Tanjong Pagar MRT station, the entire Levels 14-16 and 18-20 transacted this year at $2,200-2,220 psf and $2,280-2,320 psf respectively. Springleaf Tower has a remaining lease term of about 82 years.

DTZ, the sole marketing agent for the sale of Peninsula Plaza's 20th floor, is conducting an expression of interest exercise that will close on Dec 3.

"We expect keen demand from end-users who appreciate a good quality office in a central location, as well as investors who will benefit from rejuvenation of its immediate neighbourhood with the development of the upmarket Capitol project and the limited office supply in the CBD- fringe till 2015," said Shaun Poh, head of investment advisory services and auction at DTZ.

Source: Business Times, 22 Oct 2013