33 strata retail units at Parklane Shopping Mall put up for sale

This will be done via an expression of interest exercise, with an indicative value of S$55.7 million

Thu, Aug 22, 2019

VIVIENNE TAY


PARKLANE Shopping Mall along Selegie Road has 33 strata retail units located on the first-level basement of the mall put up for sale via an expression of interest exercise, with an indicative value of S$55.7 million.

This translates to around S$2,200 per square foot (psf) based on a total strata floor area of 2,352 square metres (sq m), exclusive marketing agent Colliers International said on Wednesday.

Due to the property's commercial-use zoning, foreigners are also eligible to purchase the retail units, with additional buyer's stamp duty and seller's stamp duty not being applicable.

The 33 strata units have floor areas ranging from 23 sq m to 186 sq m, and have a 99-year leasehold tenure with effect from Dec 1, 1974.

The property will be sold with tenancy, with units occupied by tenants such as McDonald's, Comics World and cyber gaming cafes.

Among the units, the tenancy lease for 14 of them will expire in 2020, offering opportunity to reposition and refresh the tenant mix of these units, Colliers said. Alternatively, investors may consider raising rents upon the expiry of existing leases to yield higher returns, it said.

Steven Tan, Colliers International director of capital markets and investment services, said Parklane Shopping Mall presents en bloc sale potential given its age profile and prime location.

"Subject to relevant approvals for the change of use, the units could potentially be leased to private education service providers, F&B operators such as food courts or hotpot restaurants, or even a supermarket - all of which should tap the growing population catchment in the area," he added.

The expression of interest exercise will close on Sept 26 at 3pm.