These 39 units are spread over two floors and are all adjoining units. The total area of the adjoining units for sale on one floor is 8,600 square feet and the adjoining units for sale on the other floor is 14,400 square feet.
The 39 units on two floors of the Singapore Mall are being offered for sale on an expression of interest (EOI) basis with a total indicative price of S$40 million for the 39 units. The sale will close at 3pm on December 9, 2022.
The Singapore Mall has 7 floors and serves as a commercial development with a mix of business offices, shopping, lifestyle and leisure.
The 39 premium commercial units for sale are strata-leased, all adjoining units, occupying a total of 2 of the 7 levels, with 8,600 square feet for sale on one level and 14,400 square feet on the other, for a total of 23,000 square feet for sale on these two levels, representing 22% of the total area of Singapore Mall and 20% of the total value of the center.
Buyers can choose to buy individual units or all 39 units.
According to the Urban Redevelopment Authority of Singapore, from March this year, key commercial projects in the Central District, including Orchard Road, are no longer allowed to be divided into different units on separate levels.
This mix of quality commercial space in the Singapore Mall offers an affordable option for landlords who want to do business in the Central District.
The area is versatile and suitable for a business school, shared office space, entertainment center, association space or fitness center. In fact, it has been leased to the VTC Life Club and Singapore Institute of Tourism Management in the past.
It is worth mentioning that the 39 units for sale are commercial units with no restriction on the nationality of the buyer and no additional stamp duty is payable by overseas buyers for the purchase. Acquiring units in Singapore shopping centers is certainly a good opportunity for overseas buyers to invest.
It is also a good opportunity for potential buyers who are looking for capital appreciation.
In addition to facing the Tomek Interchange station, which is home to three MRT lines, Singapore Mall also faces the park directly opposite the Presidential Palace and Tomek Green, and nearby landmarks such as Lion City Tower and 9 Penang Road, which is leased to UBS.
Improvements to the Tomek area will be completed gradually from 2025 onwards, including the expansion of the park directly opposite the Presidential Palace, the realization of a pedestrian plan for part of Orchard Road, and the creation of a lush green downtown promenade.
Orchard Road and the Tomek area will certainly be revitalized and will benefit from the revitalization of Orchard Road as a lifestyle destination.