Retail units at Orchard Shopping Centre on sale at $90m: CBRE
The sale will end on 4 May 2022.
The portfolio of retail units on levels 1 and 2 Orchard Shopping Centre are on sale for $90m, announced commercial real estate services CBRE.
The sale of the 18 freehold strata-titled retail units will be made through an expression of interest exercise and will close on 4 May 2022 at 3 p.m., the CBRE said in a statement.
Levels 1 and 2 of the shopping centre have a total strata area of 8,934 square feet, which represents an estimated 18% of the total strata area or 23.5% of the total share value of the development.
CBRE said foreigners are qualified to buy with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty imposed on the commercial property transaction.
With the portfolio located along Orchard Road, Clemence Lee, senior director of capital markets at CBRE Singapore, said portfolios at the said area are always regarded as “generational trophy assets” and are almost never open for sale.
“This is a once-in-a-lifetime opportunity for investors to acquire a sizable defensive trophy asset located along one of the most popular High Streets in the world and we expect strong interests from both local and foreign family offices, high net worth individuals, companies and boutique real estate funds,” he also said.