Prominent Restaurant Unit at Peninsula Plaza for Sale by Expression of Interest
JLL acts as the exclusive marketing agent for the 30-storey commercial building
SINGAPORE, February 7, 2023 – JLL has been appointed exclusive marketing agent for a 999-year leasehold, restaurant unit at 111 North Bridge Road, Peninsula Plaza. The Property has been launched for sale via an expression of interest exercise.
Situated at the heart of Singapore’s bustling Civic District at City Hall, Peninsula Plaza is a 30-storey commercial building comprising a 25-storey office block on top of a 5-storey retail podium. The mixed use complex is also home to a wealth of food and beverage, retail and service offerings.
The 4,306 sq ft basement unit possesses prominent shop frontage and occupies a strategic location with direct escalator access from street level enjoying high footfalls. It is currently leased out to some retail services and a popular Burmese restaurant that is frequented by both locals and tourists. The restaurant has since signed a new lease to fully lease the entire premises.
Peninsula Plaza enjoys excellent accessibility within minutes’ walk from City Hall MRT station providing connectivity to the East-West and North-South lines. The immediate locality has also undergone recent rejuvenation adding much vibrancy in the precinct with the newly completed asset enhancement works at Raffles City, in addition to the opening of the redeveloped Funan mall in 2019 and Capitol Piazza in 2015.
Terry Wong, Senior Director of Capital Markets at JLL, said “With the reopening of international borders, we anticipate that Singapore’s F&B and retail sectors will record even stronger growth as we return to pre-pandemic normalcy.”
“Furthermore, with the implementation of new regulations restricting the strata subdivision of commercial properties within central areas, including in the City Hall area, the availability of investable strata commercial assets in prime locations will tighten,” said Wong.
“While a rising interest rate environment may have dampened investor sentiments, it presents an opportunistic window for shrewd investors to acquire a high-quality investment grade asset that can be held for the longer term in anticipation of the stabilization of interest rates. We expect the restaurant unit to garner keen interest from local investors, high net-worth individuals, family offices and owner occupiers given the rarity of such prime assets with stable rental income and strong potential for capital upside.”
The indicative price for the Property is $13 million or about $3,019 per sq ft.
Foreigners are eligible to purchase without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).
The expression of interest exercise closes on 10 March 2023 (Friday), at 3.00pm.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.