_Nine freehold strata retail units at Far East Plaza for sale via Expression of Interest

Knight Frank Singapore is pleased to offer an attractive portfolio of nine freehold strata retail units at Far East Plaza for sale via Expression of Interest (“EOI”).

The portfolio, measuring 2,862 square feet (“sq ft”), comprises five strata retail units located on level two, and four other strata retail units on level three with direct access to an overhead bridge that allows for high shopper traffic. Its indicative guide price is approximately S$23.6 million – each unit ranges from S$2.1 million to S$5.6 million, depending on the size and location within the development. Each unit, ranging from 300 to 333 sq ft, is available for sale either on an individual or collective basis.

Located along the premier Orchard Shopping Belt, Far East Plaza is a popular shopping centre in Singapore and easily accessible by various modes of transport. The Orchard Mass Rapid Transit (“MRT”) interchange, which connects the North-South line as well as the Thomson-East Coast line, is within walking distance. High-end residential developments, hotels, offices and shopping malls, including Ion Orchard, Tang Plaza and Ngee Ann City are within the immediate vicinity.

Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets, Knight Frank Singapore, said, “Whether you are a foreigner or local, Far East Plaza has always been a favourite go-to place for fashion, beauty, food, electronics, or other amenities. The nine retail units face either the main concourse or atrium, allowing them to enjoy maximum visibility and high shopper traffic. They are currently tenanted by established concepts and will appeal to value-seeking buyers looking for shops with capital appreciation and recurring income.

“Over the last two years, there were notable sales transactions at Far East Plaza – for example, a unit on the second storey sold at S$6,689 per square foot (“psf”) in May this year and another unit on the third storey was transacted at S$5,161 psf in March 2021.”

Since the start of 2021, transactions for strata retail units progressively increased, with momentum continuing into 2022. In H1 2022, a total of 126 units were sold, grossing some S$290.9 million in total sales value. Despite registering lesser transactions compared to the 137 units sold in H2 2021, this was still 8.8% higher than the S$267.4 million total transaction value in the preceding half-year. Sales activity for strata retail space is expected to pick up in the months ahead as the retail sector is no longer held back by Safe Management Measures.

Ms Sai further added, “With the sustainable recovery of the retail sector, strata retail units could potentially present a good investment case that would ride on the tide of returning tourists, diners and shoppers. In tandem with the restriction of strata subdivision and limited supply of quality retail spaces, we expect this listing to attract keen interest.”

The sale via an EOI, will close at 3pm, 29th September 2022 (Thursday).

For further information, please contact:

Mary Sai, Executive Director, Capital Markets, Knight Frank Singapore

(E) mary.sai@sg.knightfrank.com (D) +65 9388 7879