CBRE and Knight Frank marketing the four strata-titled freehold retail units at Queensway Shopping Centre have placed the property on the market for sale through the Expression of Interest (EOI). With its location on the second and third levels of the mall, McDonalds and Sports Link presently occupy the 10,388 sq ft units and that makes a substantial stake in the property.
The location of Queensway Shopping Centre is perfect. It is sited at the junction of Alexandra Road and Queensway, and enjoys dual-road wide noticeable building facade. Besides, it also benefits from the massive traffic from the neighboring commercial and residential regions. Based on the area’s lively commercial sales activity, the sale is termed an exceptional opportunity. Furthermore, the units are zoned commercial meaning that both indigenous and foreign buyers are excused from paying ABSD.
In the face of the strong interest in commercial properties, particularly retail shops, and the shortage of such property purchase prospects in the market, the property is expected to receive a strong attention from retailers, private-equity, family offices and high-net-worth individuals locally and internationally, who are in search of quality assets like shops in Queensway Shopping Centre for possible rental and capital appreciation with a mid to long term view.
Besides, an increasing pool of end-user buyers would also be attracted to the property, stated Sammi Lim, CBRE’s Associate Director, Investment Properties. She added that they expected strong offers of over S$32 million.