Ten strata shops located in Cuppage Plaza, just off Orchard Road, will be offered for sale by tender on March 8. The shops are expected to fetch an estimated cost of $12 million which is $2,347 per square foot on the combined strata space of 5,112 square feet. The shop is managed by a single owner who has owned this portfolio ever since Cuppage Plaza was built, according to the marketing agent PropNex Realty.
The Myst in Upper Bukit Timah enjoys excellent transport links. It is only a 5-minute walk from the Cashew MRT, and several bus routes serve the area. The BKE, KJE, and PIE expressways are within easy reach.
Tracy Goh, head of the collective sales and investment division at PropNex The PropNex shophouses are rented out completely and will be sold along with the current tenancy.”The area has been fully leased from the very beginning and has not been vacant for the past four decadesdue to its well-known location,” she says.
The entire 10 shops are licensed for use in nightclubs and are currently being leased to a nightlife operator. Goh says that the portfolio offers an average gross rental yield of more than 4% which she hopes to appeal to investors looking for steady income.
Cuppage Plaza is an office development situated on 5 Koek Road in District 9 with 99-year leasehold tenure that began in August 1979. It is situated off an area of Orchard Road close to Somerset MRT Station. It is surrounded by developments like Orchard Point, Cuppage Terrace, The Centrepoint, Orchard Plaza as well as Holiday Inn Singapore Orchard City Centre.
Caveat information logged by URA shows that, between the years of 2018 and 2022, just five stores at Cuppage Plaza changed hands. The most recent deal was for the purchase of a 269 square foot commercial space at $795,000 ($2,954 per square foot) in June 2022.
Goh expects that the portfolio will benefit from a stronger entertainment and nightlife industry, after the rise in the number of tourists arriving in the post-Covid-19. Additionally the ongoing efforts of the government to revive Orchard Road should are also anticipated to have a positive effect.
The tender for shops will be closed on May 3 at 2pm.