Three adjoining office units at Peninsula Plaza up for sale with S$9.29m guide price

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THREE adjoining office units at Peninsula Plaza will be put up for sale in an expression of interest exercise on Thursday at a guide price of S$9.29 million, exclusive marketing agent CBRE said.

The exercise closes at 3pm on May 29.

Located on the 12th storey, the area of each unit ranges from 1,001 square feet to 1,776 sq ft. The units with a 999-year tenure have a combined area of 4,262 sq ft.

The indicative price of S$9.29 million works out to S$2,180 per sq ft based on the strata area.

Yap Hui Yee, associate director of capital markets at CBRE, noted that this is "attractive" compared to the office units at the nearby High Street Plaza and The Adelphi, which are transacting at S$2,400-S$2,600 per square foot.

She added that there will be no additional buyers' stamp duty or sellers' stamp duty imposed on the units, and that the prospective buyer, be it a local or a foreigner, has the option to purchase the units either individually, or all three collectively.

Peninsula Plaza is a mixed-use development comprising a six-storey retail podium and a 24-storey office block. It is a short walk from City Hall MRT interchange station, which serves the East-West and North-South lines. Prominent landmarks include the National Gallery, St Andrew’s Cathedral and the Supreme Court.

"The successful buyer will continue to benefit from the ongoing rejuvenation within the City Hall vicinity, which has seen much transformation, with new or refurbished developments," said Ms Yap.

She added: "We are optimistic that the property’s rare 999-year tenure, centralised location, and excellent connectivity are strong attributes that will appeal to both end-users and investors. The location is ideal for trades and businesses, including law or accountancy firms, allied health professional enterprises, and commercial schools."

Source: Business Times, 8 May 2019