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COMMERCIAL PROPERTY | Tim Charlton, Singapore

33 strata retail units in Parklane Shopping Mall up for sale for $55.7m

All units have been tenanted and the property will be sold with its tenancy.

33 strata retail units on Basement 1 at Parklane Shopping Mall in Selegie Road have been put up for sale for an indicative value of $55.7m via an Expression of Interest (EOI) exercise, according to Colliers International.

The property’s indicative value works out to $2,200 psf based on its total strata floor area of 2,352 sqm (25,316.7 sqft). The 33 strata units – with floor area ranging from 23 sqm to 186 sqm (248 sqft to 2,002 sqft) - have a 99-year leasehold tenure with effect from 1 December 1974.

Parklane Shopping Mall, in the Bras Basah/Bugis arts and cultural precinct within the city, is near education institutions including Singapore Management University (SMU), LASALLE School of the Arts, and School of the Arts (SOTA).

The property is accessible via public transport, major roads and the Central Expressway. In particular, Parklane Shopping Mall is within walking distance to four MRT stations: Rochor and Bencoolen stations on the Downtown Line; Bras Basah station on the Circle Line; and Dhoby Ghaut interchange station, which connects the North-East Line, North-South Line and the Circle Line.

The 33 strata retail units on Basement 1 are situated near the stairway that leads directly to the main entrance of Parklane Shopping Mall on Level 1, fronting Selegie Road. Currently, all the units have been tenanted and the property will be sold with its tenants which include fast-food chain McDonald’s, Comics World and cyber gaming cafes.

Amongst the 33 strata retail units, the tenancy lease for 14 units will be expiring in 2020, thereby offering the opportunity to reposition and refresh the tenant mix of these units.

Owing to the property’s commercial-use zoning, foreigners are eligible to purchase the retail units. Furthermore, additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) are also not applicable.

The EOI exercise will close at 3 p.m. on 26 September 2019.

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