Three adjoining office units with 999-year tenure at Peninsula Plaza for sale

SINGAPORE – CBRE is launching three adjoining office units at Peninsula Plaza for sale via an Expression of Interest exercise.

Peninsula Plaza. Picture: CBRE

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

Peninsula Plaza is a mixed-use development comprising a six-storey retail podium and a 24- storey office block with car parking space on level six.

Strategically located in the heart of City Hall, the building is a short stroll to the City Hall MRT interchange station that offers easy access to other parts of Singapore via the East-West and North-South lines.

When the underground walkway is completed by 2020, there will be seamless pedestrian connectivity to the station and the neighboring developments including Capitol Piazza, Raffles City, The Adelphi and the upcoming Funan integrated development. Prominent landmarks include the National Gallery, St Andrew’s Cathedral and the Supreme Court.

Yap Hui Yee, Associate Director of Capital Markets at CBRE said, “The successful buyer will continue to benefit from the ongoing rejuvenation within the City Hall vicinity which has seen many transformations with new or refurbished developments. We are optimistic that the property’s rare 999-year tenure, centralized 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.

Ms Yap added, “Indicative pricing is S$9.29 million that works out to S$2,180 per square foot based on the strata area, which is attractive compared to the office units at the nearby High Street Plaza and The Adelphi that are transacting at S$2,400-S$2,600 per square foot.

There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed on the units and the prospective buyer – whether a local or a foreigner – has the option to either purchase the units individually or all three collectively.”

CBRE is the exclusive marketing agent for the subject property. The Expression of Interest closes on 29 May 2019 at 3 pm.

This article is contributed by CBRE.