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

A retail unit will be up for auction at People’s Park Complex in District 1’s Chinatown on Nov 16. With indicative guide prices of $1.8 mil ($3,982 psf) and $800,000 ($1,653 psf) for the second and fourth levels, respectively, of the mixed-use development, the units are currently tenanted and not subject to GST, ABSD or SSD, potentially allowing investors to make attractive returns.

Located directly next to the Chinatown MRT Station and with Outram Park MRT Station nearby, People’s Park Complex is well-placed to offer high footfall from residents in the neighbourhood and tourists alike. This is further supported by the government announcement to build 6,000 residential homes on Pearl’s Hill in Chinatown, which is expected to increase traffic in the area, bringing more business and higher investment yields.

Drawing potential interest from investors, locals, foreigners and corporate buyers alike, the auctioneer at Knight Frank expects the retail units to offer high investment yields, with current rental yields of 5.8%. Relative to its neighbouring malls, Havelock2 on Havelock Road and Chinatown Point on New Bridge Road, which have rental yields of 4.6% and 3.4%, respectively, this is especially attractive.

Looking to the bolstered footfall to People’s Park Complex, unit rentals will range between $2.40 psf per month (pm) to $7.10 psf pm, or an average of $4.60 psf pm. Based on URA sales data from the last 12 months, People’s Park Complex retail units typically sell for around $947 psf on average.

Tricia Tan, director of auction and sales at Knight Frank Singapore, notes the development’s popularity among tourists.

“People’s Park has been zoned for commercial use under the URA’s 2019 Masterplan, and has a gross plot ratio of 5.6,” she adds.

Featuring a six-storey retail and office podium and a 25-storey apartment block, the 99-year leasehold development has a remaining leasehold of 44 years. Accordingly, both units have been put up for sale via Knight Frank Singapore’s auction and are now available for purchase.

Owners of the 452 sq ft and 484 sq ft retail spaces on the second and fourth levels, respectively, bought the properties for an average of $3,207 psf and $1,709 psf in April and May last year, respectively. With the second-floor unit currently tenanted to a luxury retail store on a two-year lease and the fourth-floor unit to a wellness therapy business until July 2025, buyers may see a steady return on their investment.

Knight Frank’s Tan concludes by saying: “The units are not subject to goods and services tax (GST), additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD). Moreover, the building has the potential for en bloc sale.”

People’s Park Complex in District 1’s Chinatown is offering an auction of two strata retail units on the second and fourth levels on Nov 16. Boasting attractive investment yields of 5.8% and potential for en bloc sale, the units are not subject to GST, ABSD or SSD — making them attractive buys for investors and corporate buyers alike.

With its mixed-use development comprising a six-storey retail and office podium and 25-storey apartment block, People’s Park Complex is zoned for commercial use under the URA’s 2019 Masterplan and enjoys high footfall from both its residents and tourists.

Currently tenanted to luxury retail and wellness therapy businesses, the 452 sq ft and 484 sq ft units are expected to offer owners attractive returns with rental yields ranging from $2.40 psf per month (pm) to $7.10 psf pm, or an average of $4.60 psf pm.

The recent government announcement to build 6,000 residential homes on Pearl’s Hill in Chinatown is expected to increase traffic in the area, bringing more business and higher investment yields to prospective buyers.

Tricia Tan, director of auction and sales at Knight Frank Singapore, notes: “It is a popular tourist destination with high footfall.” With its potential for en bloc sale, the sale should draw interests from locals, foreigners and corporate buyers.

The Havelock MRT Condo is also close to the Central Business District, providing effortless access to many of Singapore’s commercial centers. These two factors combine to make it the ideal location for young professionals who are looking for a comfortable home they can come to after a tiring day.

URA sales data from the last 12 months shows People’s Park Complex retail units typically selling for $947 psf on average. Both units have already been put up for sale via Knight Frank Singapore’s auction and are now available for purchase.