Three adjoining office units in Peninsular Plaza are up for sale for $9.29 million, via an expression of interest exercise that will be conducted by CBRE. Units range from 1,001 sq ft to 1,776 sq ft, with a total area of 4,262 sq ft. They are located on the 12th floor of the 24-storey mixed use development which has a 999-year tenure.
The price works out to $2,180 psf on the strata area, compared to the office units at the nearby High Street Plaza and The Adelphi that are transacting at $2,400 to $2,600 psf, says Yap Hui Yee, associate director of capital markets at CBRE.
The three office units are located on the 12th floor of the 24-storey mixed use development which has a 999-year tenure. (Picture: CBRE)
“The property’s rare 999-year tenure, centralized location and excellent connectivity are strong attributes that will appeal to both end-users and investors,” she says. The location is also ideal of businesses like law or accounting firms, allied health professional enterprises, and commercial schools, she adds.
Peninsular Plaza also includes a six-storey retail podium, and the building is close to City Hall MRT interchange on the North South and East West lines. An upcoming underground walkway that will be completed next year, will link the property to the station and neighbouring developments including Capitol Piazza, Raffles City, The Adelphi and the upcoming Funan integrated development.
There will be no additional buyers stamp duty or seller stamp duty imposed on the sale of the units, which is open to local and foreign buyers. There is also the option to purchase the units individually or collectively. The EOI closes on May 29.
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