When it comes to investing in Singapore Condos, one must also take into account the government’s property cooling measures. In order to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and individuals purchasing multiple properties. While these measures may impact the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a more secure environment for investors.
Two adjoining strata retail units at Peninsula Plaza are currently up for sale for $10.9 million. These 999-year leasehold units, located on the ground floor, boast a prominent frontage along North Bridge Road.The first unit has a strata area of 538 sq ft, while the second has 581 sq ft. Combined, the total strata area is 1,119 sq ft. Based on the asking price of $10.9 million, the psf rate for the units is $9,741.The current tenants have agreed to lease the properties until 2026, providing investors with a 3% gross rental yield.AdvertisementAccording to Nick Chan, Savills Singapore associate director of investment sales & capital markets, these two units offer the best street frontage within the development and enjoy a consistently high footfall on a daily basis. Chan is handling the sale of the units on a private treaty basis.Peninsula Plaza is a 30-storey mixed-use commercial building with a six-storey retail podium and a 24-storey office tower. Completed in 1980, it has a 999-year leasehold tenure. The building has frontages along North Bridge Road, Coleman Street, and Coleman Lane. It also has a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.Back in August 2022, a 452 sq ft retail unit on the ground floor was sold for $4.08 million ($9,025 psf) based on a lodged caveat.Peninsula Plaza has become increasingly sought-after since March 2022 when the Urban Redevelopment Authority restricted the strata subdivision of commercial properties in the CBD and Orchard corridors. With its 999-year and freehold tenure, the strata-titled units at Peninsula Plaza have become highly desired.