Auction of two separate strata retail units at People’s Park Complex for $800,000 and $1.8 mil

Auctioneer Knight Frank Singapore is putting up two separate strata retail units on the second and fourth floor of People’s Park Complex in Chinatown for sale on Nov 16. The indicative guide prices for the 452 sq ft and 484 sq ft units, respectively, are $1.8 million and $800,000. Both units are currently tenanted and buyers are not subject to GST, ABSD or SSD.

One of the tenanted units, located on the second floor, is a luxury retail store, which recently renewed its lease term for two years starting from March 2021, for a monthly rent of $5,000. The fourth-floor unit is currently tenanted to a wellness therapy business for $1,800 monthly until July 2025.

The two units have changed hands only three times this year according to caveat lodged, with a 291 sq ft retail unit selling for $1.3 million ($4,473 psf) in June, and a 362 sq ft and 452 sq ft unit transacting for $1.7 million ($4,645 psf) and $2.08 million ($4,601 psf) in April.

People’s Park Complex has a gross plot ration of 5.6 and is located at the junction of Eu Tong Sen Road and Park Crescent. It offers easy accessibility to the nearby Chinatown MRT Station and Outram Park MRT Station.

The development, which is zoned as a commercial use under URA’s 2019 Masterplan, is known for its high footfall from residents and tourists, which translates to a higher rental yield of 5.8%.

This is significantly higher than the average rental yield of its retail neighbours, such as Havelock2 and Chinatown Point, which have rental yields of 4.6% and 3.4%, respectively.

Moreover, the recent announcement of a housing development at Pearl’s Hill will bring about an increase in traffic in the area, and more business opportunities for prospective buyers.

Tricia Tan, director of auction and sales at Knight Frank Singapore, expects potential buyers to be a mix of locals, foreign investors, and corporate buyers, with the added benefit that these units are not subject to GST, ABSD or SSD.

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With the remaining 44 years of leasehold, People’s Park Complex is an attractive proposition for investors looking for a lucrative yield.