Anchorpoint, a freehold suburban retail mall located at 368 & 370 Alexandra Road, is being offered for sale at a guide price of $295 million or $3,751 per sq ft on its existing net lettable area (NLA) of 78,636 sq ft.
According to marketing agent, CBRE, the asset comprises a total strata area of 110,373 sq ft across two prime retail levels — the entire ground floor and basement. The mall has over 150m of street-level frontage and has a basement carpark with 130 lots.
“Anchorpoint is the only singly-held mall of substantial footprint within the Alexandra / Queenstown area. This unique positioning, coupled with its generational name recognition that is synonymous with the precinct, gives it an unrivalled competitive edge over neighbouring strata malls and retail spaces,” says Clemence Lee, CBRE’s executive director of capital markets, Singapore.
The mall, which recently underwent an asset enhancement initiative (AEI), features a diverse tenant mix that includes Cold Storage, McDonald’s, Common Man Coffee Roasters, Mr DIY, Yakun Kaya Toast and Yoga Movement.
Anchorpoint is located next to the iconic Brewmaster House, a conserved heritage building built in the 1930s. The building was formerly part of Singapore's first brewery, the Archipelago Brewery Company. Photo: CBRE
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Anchorpoint, which was previously owned by Frasers Centrepoint Trust (FCT), was sold for $110 million in March 2021.
Lee notes that the market has been seeing a “surge in demand” from investors seeking to acquire well-located suburban retail assets in recent months.
“This trend is driven by the combination of high yields, strong fundamentals and stable, defensive cash flow these properties deliver,” he says, citing examples such as Piccadilly Galleria, Kinex, Bukit Panjang Plaza and The Clementi Mall, which traded at $4,132 per square foot.
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“With further retail transactions anticipated in the coming months, Anchorpoint stands as an exceptionally rare and strategic opportunity. Its superior freehold land tenure, combined with its prime location in one of Singapore’s most dynamic and growing suburban nodes, positions it as a highly coveted asset set to attract significant investor interest,” Lee adds.
The Alexandra/Queenstown area is a well-established residential and business hub that has a dense residential population, several educational institutions and a mature ecosystem of business parks, light industrial buildings, and the established automotive belt.
Serving as the primary retail and community heart of this multi-catchment market, Anchorpoint benefits from high and steady shopper traffic throughout the day.
To CBRE, the asset is also well-positioned for exponential growth driven by the government’s ongoing rejuvenation initiatives, including several upcoming residential developments and the upgrading of Alexandra Hospital into a major integrated general hospital.
The sale will be conducted via an expression of interest exercise which closes at 3pm on March 10.
