Prime ground floor strata retail units at PLUS up for sale

Singapore, 16 May 2024 – CBRE, as the exclusive marketing agent, is launching eight ground floor strata retail units at PLUS, 20 Cecil Street, for sale via private treaty. Indicative guide prices for the individual retail units range from $3.8 million to $7.75 million. The retail units are available for sale individually.

Located in the heart of Singapore’s bustling Central Business District (CBD), PLUS is a Grade A 28-storey office building that features a 2-storey retail podium. Fronting one of Raffles Place’s busiest junctions, the ground floor retail units command prominent street-level frontages and benefit from a heavy stream of footfall. The retail units are also connected via sheltered walkways to Raffles Place MRT and within short walking distance to Telok Ayer MRT.

Each retail unit features well-configured and efficient layouts with wide street-level frontages. Fully-tenanted, these 8 retail units span between 388 sf to 807 sf of strata area and come equipped with F&B provisions, offering investors a turnkey opportunity in a prime location.



Mr Clemence Lee (利伟强), Executive Director of Capital Markets, Singapore at CBRE says, “Prime CBD strata retail assets are highly sought after by investors not only for their rarity but also for their strong rental command and robust retail catchment from the large surrounding office population. Prime ground floor street-facing retails units are even more rare and are seldom on the market for sale. With the strata units offering attractive yields of above 3%, we expect strong interest from a wide range of investors including boutique real estate funds, family offices, local companies, and high net worth individuals.”

“Supply of CBD retail units will remain low or may shrink further with URA restrictions on future strata subdivision of commercial assets within designated areas in the CBD, coupled with redevelopment of older strata buildings such as Shenton House, which was sold on a collective sale last year.”

This opportunity is equally compelling for owner-occupiers looking to secure a prime CBD retail space for the long-term or to mitigate rising rental costs. Upon expiry of existing leases, they can utilise the units for various purposes including showroom, banking hall, service centre, medical, and fitness studios - subject to approval from relevant authorities.

“In response to the high amount of ABSD payable in the residential segment, we are seeing investors increasingly shifting towards strata commercial properties. These properties, with a palatable investment quantum ranging from $5 to $10 million, offers investors more stable and resilient returns as the tenants are typically more well capitalized compared to residential tenants. Additionally, there is more liquidity for commercial properties when investors are looking to exit in the future as there will be a wider and more diverse buyer pool”, Clemence concludes.

As these strata retail units are commercial assets, foreigners are eligible to purchase and there will be no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) applicable on the transactions.