Peninsula Plaza 20th storey selling at $21M

Peninsula Plaza 20th storey selling at $21m

An agency associated with a Taiwanese shipping company has offered for sale the 20th level of the 30 stories Peninsula Plaza in North Bridge Road, with a price of about $21.3 million or $2,500/ square foot on the total strata area.

The floor has six strata units between 990 sq ft and 1,776 sq ft totaling 8,514 sq ft.

Prospective buyers are advised to submit their bids for separate units or the entire floor.

Peninsula Plaza is a leasehold property on a 999 years term.

The Taiwanese company currently occupies two of the six units at Level 20 and is searching for more spacious premises to lease or purchase in the old or new financial districts.

The remaining four units have already been leased out, of which three are under a single tenancy ending in May 2016, and the remaining one was leased out to another tenant till March 2015.

Peninsula Plaza is nearby the impending Capitol project that will contain a plush hotel, a mall, famous Capitol Theatre, and luxury residences. It is within a reasonable distance to the City Hall MRT station.

According to URA caveats data, a 1,044 sq ft office unit on Peninsula Plaza’s seventh floor was transferred at $1,980 psf or $2.07 million in March, while a proximate unit of about 355 sq ft was sold at $2,415 psf or $858,000 in February same year.

Also transacted in December same year included three nearby units on Level 17- one was 1,001 sq ft per unit, and the other two of 1,485 sq ft each were sold at $1,880 psf.

The entire Levels 14-16 and 18-20 at Springleaf Tower in Anson Road near Tanjong Pagar MRT station were sold this year at $2,200-2,220 psf and $2,280-2,320 psf respectively. The leasehold agreement of Springleaf Tower remains about 82 years.

DTZ, the chief marketing agent for the sale of Peninsula Plaza’s 20th floor, is holding an expression of interest process and it will close on December 3.

Shaun Poh, the head of investment advisory services and auction at DTZ stated that an intense demand from end-users that value a real office in a central location is expected, and also from investors that will profit from the transformation of its immediate neighbourhood due to the development of Capitol project and the limited office in the CBD- fringe till 2015.

Leave a comment

Your email address will not be published. Required fields are marked *