The retail unit is currently leased to SMH Craft at a monthly rent of $30,000, which translates to a gross yield of 2%.
Aric Lim, associate group district director of Huttons Asia, who is marketing the unit, highlights its wide frontage and expansive floor area. “Large floor plate units like this are rare.”
According to Huttons Asia, there have been only two caveat transactions for retail spaces exceeding 5,000 sq ft at People’s Park Centre over the past five years.
In February, a 5,704.92 sq ft unit sold for $28 million, or $4,908 psf. Prior to that, in March 2021, a 7,190.35 sq ft unit sold for $20.8 million, or $2,887 psf, according to Lee Sze Teck, senior director of data analytics at Huttons Asia.
See also: Nine-hectare pharmaceutical plant at 21 Tuas South Avenue 6 for sale at $90 mil
The expression of interest (EOI) exercise will close on May 31.
Completed in 1976, People’s Park Centre is a 99-year leasehold mixed development with four retail floors and a pair of towers with office and residential units.
