SINGAPORE – Knight Frank Singapore is pleased to offer a prime stake in Queensway Shopping Centre for sale via Expression of Interest (EOI).
The subject retail space comprises three adjoining shop units with a floor plate of 7,654 sq ft. Located on the third-storey of the shopping mall, the units are ideally positioned in front of the escalator.
Currently, an attempt by the collective sales committee to get 80% consensus from the owners for an en bloc sale is ongoing for the development. The three units make up a combined share value of about 8.12% of the total share value of the development.
“Queensway Shopping Centre is renowned among locals and foreigners for shops selling sports good and apparels. As the subject property is facing main shoppers’ concourse and has high visibility, we expect to receive interest from retailers who want to gain a foothold in this mall which has a high footfall over the past several years,” said Mary Sai, Executive Director of Investment & Capital Markets.
There will be no Additional Buyer Stamp Duty and Seller Stamp Duty payable for the units. As they are commercial property, foreigners and companies are also eligible to buy.
Mary added, “We understand that the subject property was used as a food court several years ago. The new owner may even request through the authorities for a change in the use of the premises to set up F&B outlets or even a gym.”
The guide price for the subject retail space is about S$21.7million.
The EOI closes on 29 August 2019 at 3 pm.