Updated from : The Business Times, 28 August 2020
SIX strata-titled shops at the Sims Urban Oasis condominium are now up for sale by private treaty, investment sales advisory firm Showsuite Consultancy announced on Wednesday.
Developer GuocoLand is offering the shops to be acquired in clusters of four and two units, providing owners the benefit of “bulk discounts, adjoining units and critical mass in floor space”, Showsuite Consultancy said.
The average prices of the shops translate to S$3,000 per square foot (psf) on the strata areas before the 21 per cent bulk discounts.
After the discounts, the cluster of four shops works out to a price of almost S$4 million, or S$2,360 psf for the total strata area of 1,690 square feet (sq ft), while the cluster of two reflects S$2,395 psf on the strata area of 1,206 sq ft, based on a price of nearly S$2.9 million.
The shops are also offered with a two-year, 5 per cent per annum return guaranteed by the developer, Showsuite Consultancy said.
There is no additional buyer’s stamp duty payable, and the investment is open to foreigners.
The 1,024-unit condominium is located about 400 m from Aljunied MRT station.
Open to the general public, the shops range in size from 323 sq ft to 678 sq ft and have a combined floor area of 2,895 sq ft.
Four adjoining shops are located at the main entrance of the condominium along Sims Drive, while two adjoining shops are located at the side entrance, next to a bus stop along Aljunied Road.
The shops have a residential catchment of over 1,000 households within the development and over 5,000 other households in the nearby public housing estates.
There will also be a further 550 households upon completion of a neighbouring condominium that is under construction, added Showsuite Consultancy.
Karamjit Singh, the chief executive officer of Showsuite Consultancy, said the shops would be suitable for new concepts such as “co-working cafes”.
He described such cafes as the “ideal blend of work stations, phone booths and coffee fixes at the doorstep of their homes”.
The shops would also be appropriate for enrichment classes, convenience stores and clinics, said Showsuite Consultancy in its release.