Four adjoining ground floor retail units and one second floor
office unit at Goldhill Plaza, situated in the heart of Novena, are being
offered for sale under an entire portfolio. Goldhill Plaza is a 999-years
tenure development and the subject units are located at the three-story retail
podium.
Each shop unit at the ground floor podium has a strata area
of approximately 893 square feet, and the second floor office unit has a strata
area of approximately 1,184 square feet, making up a total strata area of
approximately 4,758 square feet. The second floor unit is linked to the ground
floor shops via an internal staircase. All of the ground floor shop units come
with Food & Beverage (F&B) usage approvals, and enjoy excellent shop
frontages and high visibility, being located right next to the car parking
facility. Offered for sale on a vacant possession basis, the units will appeal
strongly to end-users who have been on the look-out for F&B shops to
purchase and operate. For investors, the 999-year status and potential yield
return are key attractions.
Located right in the heart of thriving Novena, Goldhill Plaza
is recognized as an iconic development that stands out with a wide and
distinctive building frontage while enjoying triple road frontages. Its strategic
location can leverage on the hive of bustling day and night activities in the
area, as well as the popular enrichment and healthcare scene in Novena, boosting
the property’s visibility. A stone’s throw from the City Centre, the property
enjoys excellent accessibility. The Orchard Road Shopping Belt and Central
Business District (CBD) are both within a five-minute drive away. The Novena
and Newton MRT Stations are within walking distance, as are the taxi stand and
bus stop connecting to major roads. These provide seamless connections to other
parts of Singapore. Accessibility to other parts of Singapore is enhanced via
the close proximity of Central Expressway (CTE) and Pan Island Expressway
(PIE).
The units at Goldhill Plaza will also benefit from the all-rounded popularity of Novena which has seen great vibrancy and buzz, under the government’s initiative to promote the area as Singapore’s largest single integrated healthcare complex. In line with the Health City Novena for Novena, the injection of more medical facilities, public gardens, parks and retail offerings under the integrated complex is expected to spur another major transformation. This will bring about tremendous developmental potential for the area, and businesses are expected to grow and enjoy a significant increase in patron traffic.
Sam
mi Lim, Director, Investment Properties, CBRE said, “Ground floor main road facing shops which comes with 999-years tenure and also F&B approvals are niche assets. In fact, this is the first time in many years that a row of four units side by side is available for sale in Goldhill Plaza – this is unprecedented. Such assets are highly valued by investors, F&B operators and owner-occupiers. With the planning authorities limiting the number of F&B approved use of units in developments in the last few years, those units that comes with approval and located in the fringe CBD are even harder to come by.
On its own, Novena as a location already commands a premium. It is firmly established as a mature and affluent environment to live, work and play. It continues to rejuvenate with new growth clusters; Novena Health City being the latest addition to the existing medical hub and its status as an enrichment hub over the years. The purchaser is expected to leverage the new clusters for capital and rental upside in the medium to long term.
The last big scale retail shop transaction was in September
2016, at Holland Road Shopping Centre, for a row of seven retail units sold at
$61 million or approximately $4,976 per square foot. Based on the guide price
at $20.8 million or approximately $4,377 per square foot for these units at
Goldhill Plaza, we are confident that the launch will garner keen interest
amongst end users and savvy investors from both local and also foreign buyers
who are familiar and eager to acquire prime retail space in countries such as Hong
Kong and China.”
This is a valued opportunity for any ground floor shops to be available for sale in the prime Novena. As the units are under commercial property zoning, both local and foreigners are eligible to purchase with no additional buyers’ stamp duty (ABSD) and no sellers’ stamp duty (SSD) imposed on the purchase of the Property.
CBRE is the sole marketing agent for this Public Tender exercise. The Public Tender exercise will close on 28 February 2017, Tuesday at 3pm.
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Disclaimer:
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Disclaimer:
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
