All eight of the ground floor strata retail units at PLUS, a Grade A commercial property in the Central Business District, have been put up for sale. Indicative guide prices for the retail units range from $3.4 million to $6.9 million, and the units are available for sale individually or collectively.
Each unit will be sold with existing tenancies, and range from 388 to 807 sq ft. Marketed by CBRE, the properties will be sold in an Expression of Interest (EOI) exercise.
This is not the first time these retail units have been offered for sale. In 2024, they were listed for individual sale with prices ranging from $3.8 million to $7.75 million. CBRE was also the marketing agent back then.
The reduction in the guide price for these units make them an even more attractive entry point for buyers, and currently provide yield returns of about 3.5% and above, says CBRE.
Each unit also comes equipped with F&B provisions, offering investors a versatile and resilient asset in this tightly-held precinct. The versatile layouts allow the units to be reimagined for a variety of high-value retail uses – from trendy F&B outlets, high-end medical clinics, to flagship showrooms, subject to approvals.
Since these are commercial assets, the sale is open to foreigners and there will be no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) on the transactions.
PLUS is a prominent 28-storey office building that features a two-storey retail podium. The building fronts the junction of Church Street and Cecil Street, one of the busiest junctions in the CBD.
There are few prime retail units with a street frontage that offers this level of pedestrian visibility and a consistently high volume of footfall. PLUS is next to Republic Plaza and neighbouring landmarks include The Quadrant at Cecil, CapitaGreen, Manulife Tower, China Square, CapitaSpring, and One Raffles Place.
Nearby MRT stations include Raffles Place Interchange, on the North-South and East-West Lines, as well as Telok Ayer station on the Downtown Line.
“Ground floor street-fronting retail units are extremely rare and opportunities to purchase them individually are few and far between,” says Clemence Lee, executive director of Capital Markets, Singapore at CBRE.
He adds that the units have demonstrated their rental resilience that is underpinned by a strong retail catchment and the high-density footfall of the surrounding office population.
For owner-occupiers, these strata retail units are well-positioned to serve as a strategic flagship location, and a hedge against rising retail rents in the CBD amid competition for prime CBD space.
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