Ground floor retail units at Holland Road Shopping Centre up for sale

The Holland Road Shopping Centre located in Holland Village. Seven retail units on the ground level of Holland Road Shopping Centre have been put up for sale, said its broker CBRE on Monday. -- PHOTO: ST FILE
The Holland Road Shopping Centre located in Holland Village. Seven retail units on the ground level of Holland Road Shopping Centre have been put up for sale, said its broker CBRE on Monday. -- PHOTO: ST FILE

Seven retail units on the ground level of Holland Road Shopping Centre have been put up for sale, said its broker CBRE on Monday.

The freehold strata-titled shops face the Holland Avenue road, and are now home to popular supermarket chain Cold Storage. The 24-hour grocery outlet occupies about 12,269 sq ft, and is also the anchor tenat at the four-storey shopping mall in Holland Village.

The latest valuation of the properties place them at about $7,500 per sq ft (psf), or $92 million, said CBRE. In the past year, the average selling price of retail units at the mall was about $5,300 psf.

"As the units are under commercial property zoning, both local and foreigners are eligible to purchase with no additional buyers' stamp duty and no sellers' stamp duty imposed on the purchase of the propery," CBRE said in a statement.

"This is a valued opportunity for any ground floor shops to be available for sale in the prime Holland Village."

Ms Sammi Lim, associate director of investment properties at CBRE noted that Cold Storage's lease will be expiring in 2020, and owners can consider renewing it closer to its expiry, or divide the units for sale according to their strata titles.

"Assets in Holland Village are always very tightly held and extremely rare for any to be available for sale, and ground floor shops facing the main road which are freehold, at that," said Ms Lim.