Photo from PropNex Realty

Ten strata shops in Cuppage Plaza on sale for $12m

The guide price will translate to $2,347 per square foot.

PropNex Realty announced that ten adjoining shops at Cuppage Plaza are put up for sale.

The property in District 9 near the Somerset MRT Station and several retail malls has a 99-year leasehold tenure, and it is known for its selection of Japanese restaurants and KTV lounges.

The ten shops will be sold via tender for $12m. The guide price will translate to $2,347 per square foot based on the property’s combined strata area of 5,112 square feet.

READ MORE: Highly-anticipated development in London's Whitehall for sale

As the portfolio of these shops is for commercial use, they are not subjected to the additional buyer’s stamp duty (ABSD) nor the seller’s stamp duty (SSD). Foreign buyers are also eligible to purchase the property.

According to Tracy Goh, PropNex’s Head of Investment and Collective Sales, considering the spot space is suitable for nightclub use, they expect a high gross rental yield of more than 4% from the shops and the continued keen tenacity interest to appeal to potential investors.

The tender will close at 2pm on 3 May 2023.

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