Parklane Shopping Mall has 33 strata retail units located in the first level basement of the mall put up for sale via an expression of interest exercise, with an indicative value of S$55.7 million.
This translates to around S$2,200 per square foot (psf) based on a total strata floor area of 2,352 square metres (sq m), real estate services firm Colliers International said on Wednesday.
Due to the property’s commercial-use zoning, foreigners are also eligible to purchase the retail units, with additional buyer’s stamp duty and seller’s stamp duty not being applicable.
The 33 strata units have floor areas ranging from 23 sq m to 186 sq m, and have a 99-year leasehold tenure with effect from Dec 1, 1974.
The property will be sold with tenancy, with units occupied by tenants such as McDonald’s, Comics World and cyber gaming cafes.
Among the units, the tenancy lease for 14 units will expire in 2020, offering opportunity to reposition and refresh the tenant mix of these units, Colliers said. Alternatively, investors may consider raising rents upon the expiry of existing leases to yield higher returns,it said.
Steven Tan, Colliers International director of capital markets and investment services, said Parklane Shopping Mall presents en bloc sale potential given its age profile and prime location.
“Subject to relevant approvals for the change of use, the units could potentially be leased to private education services providers, F&B operators such as food court or hotpot restaurants, or even a supermarket – all of which should tap into the growing population catchment in the area,” he added.
Located at Selegie Road, Parklane Shopping Mall is located in the Bras Basah/Bugis arts and cultural precinct in the city, as well as the growing high-end private residential enclave in immediate surroundings, Collier’s International said.
It is within walking distance to Rochor and Bencoolen stations on the Downtown MRT 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 expression of interest exercise will close on Sept 26 at 3pm.