The properties are being offered for sale as an entire portfolio. Goldhill Plaza is a 999-years tenure development and the subject units are located at the three-story retail podium.

Each shop unit at the ground floor podium has a strata area of approximately 893 sqft. The second floor unit is linked to the ground floor shops via an internal staircase. All of the ground floor shop units come with Food & Beverage (F&B) usage approvals, and enjoy shop frontages and high visibility, being located right next to the car parking facility. Offered for sale on a vacant possession basis, the units will appeal strongly to end-users who have been on the look-out for F&B shops to purchase and operate. For investors, the 999-year status and potential yield return are key attractions.

Located right in the heart of thriving Novena, Goldhill Plaza has three road frontages. It is located within five minutes’ drive from the Orchard Road Shopping Belt and CBD.

Sammi Lim, director, investment properties, with CBRE, said ground floor, main road facing shops which come with 999-years tenure and also F&B approvals are niche assets.

“In fact, this is the first time in many years that a row of four units side by side is available for sale in Goldhill Plaza – this is unprecedented. Such assets are highly valued by investors, F&B operators and owner-occupiers. With the planning authorities limiting the number of F&B approved use of units in developments in the last few years, those units that comes with approval and located in the fringe CBD are even harder to come by.”

The last big-scale retail shop transaction was in September 2016, at Holland Road Shopping Centre, for a row of seven retail units sold at $61 million or approximately $4976 per sqft.

Public Tenders will close on February 28.

Photo: newofficeasia