33 units at Parklane Shopping Mall up for sale

A block of 33 strata retail units on the first-level basement of Parklane Shopping Mall is up for sale with an indicative value of $55.7 million.

The price translates to around $2,200 per sq ft based on a total strata floor area of 2,352 sq m, property firm Colliers International said yesterday.

Parklane's commercial-use zoning means foreigners can buy the units, while additional buyer's stamp duty and seller's stamp duty are not applicable.

The 33 units range in size from 23 sq m to 186 sq m, and are on a 99-year lease that started on Dec 1, 1974. The Selegie Road property will be sold with tenancy, with units occupied by firms such as McDonald's, Comics World and cyber gaming cafes.

Leases for 14 units expire next year, which offers investors the opportunity to reposition the tenant mix or raise rents, Colliers said.

Mr Steven Tan, Colliers International's director of capital markets and investment services, said the mall has collective sale potential, given its age profile and prime location. "Subject to relevant approvals, the units could potentially be leased to private education service providers, F&B operators or even a supermarket - all of which should tap the growing population catchment in the area," he added.

Parklane is within walking distance of Rochor and Bencoolen stations on the Downtown MRT line, Bras Basah station on the Circle Line and Dhoby Ghaut interchange station.

The expression of interest exercise closes at 3pm on Sept 26.

A version of this article appeared in the print edition of The Straits Times on August 22, 2019, with the headline '33 units at Parklane Shopping Mall up for sale'. Print Edition | Subscribe