Three offices at Peninsula Plaza are going for sale via an EOI (expression of interest) for S$9.29 million guide price. This EOI exercise shall close on May 29 at 3:00 PM. This was informed by CBRE the exclusive marketing agent for the sale.
The three adjoining office units are situated on the 12th level Peninsula Plaza with the sizes ranging between 1,001 sq ft and 1,776 sq ft.
They have total area of 4,262 square feet and have lease tenure of 999 years. Going by the guide price for the strata area the rate would translate into S$2,180 psf.
Yap Hui Yee, CBRE’s Associate Director of Capital Markets considers this deal highly attractive. According to her this is discounted rate if compared against office units located in The Adelphi or High Street Plaza in close vicinity which are going for S$2,400 to S$2,600 at the moment.
She also added that no Sellers’ Stamp Duty or ABSD (additional buyers’ stamp duty) is applicable on acquiring these units.
Foreign nationals are eligible to acquire these properties and the potential buyer can either buy an individual unit or all three of them together.
A mixed-use development, Peninsula Plaza has 24-storey office space and 6-storey retail podium.
The site is close to the City Hall MRT interchange station that connects the North-South line and the East-West line.
There are several landmarks around this site and these include St Andrew’s Cathedral, Supreme Court and the National Gallery.
According to Ms Yap the buyer would be a beneficiary of the redevelopment that is going on around the City Hall with several new and refurbished developments coming up in the recent time.
She further added that the 999-year lease tenure would be the biggest attraction for the buyers as this is rare in a central location.
Good connectivity is also a great attribute for investors as well as owner occupiers. This place has been an ideal location for accountancy and law firms, health enterprises, and commercial schools besides regular businesses.