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

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Located in District 1’s Chinatown, People’s Park Complex stands at the junction of Eu Tong Sen Road and Park Crescent. Boarding on the idea of potential en bloc sale, two separate strata retail units on the second and fourth levels of the complex will be put up for auction on Nov 16 by Knight Frank Singapore.Indicative guide price for the 452 sq ft on the second level is $1.8 million ($3,982 psf), and the 484 sq ft on the fourth-level is priced at $800,000 ($1,653 psf). Both retail spaces are currently tenanted.The second-floor is currently leased to a luxury retail store, which is willing to extend the lease for two years from March onwards, with a monthly rental rate of $5,000. The fourth-floor is tenanted at $1,800 monthly until July 2025.The owner of the second-storey retail unit bought the property for $1.45 million ($3,207 psf) in April last year, and the fourth-storey unit was purchased for $828,000 ($1,709 psf) in May, making the current owners the second of the retail spaces.Not subject to additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD), People’s Park Complex stands at a 99-year leasehold with a remaining 44 years on the lease. People’s Park Complex is accessible via Chinatown and Outram Park MRT Station, making its high footfall likely attributed to residents in the surrounding neighbourhood and tourists.Based on caveats lodged, People’s Park Complex retail units polarise to an average sales price of $947 psf, and unit rentals range between $2.40 psf per month (pm) to $7.10 psf pm, or an average of $4.60 psf pm, which translates to a relatively high rental yield of 5.8%.Compared to nearby shopping malls such as Havelock2 on Havelock Road fielding a 4.6% rental yield and Chinatown Point on New Bridge Road with a 3.4% rental yield, People’s Park Complex evidently boasts a higher investment yield targeted at investors such as locals, foreigners, and even corporate buyers.Furthermore, the recent government announcement to build 6,000 residential homes on Pearl’s Hill in Chinatown is projected to increase traffic in the area, bringing more business and higher investment yields to prospective buyers of the retail units.Knight Frank Singapore’s director of auction and sales, Tricia Tan expects the auction to draw strong interest, highlighting the development’s potential for an en bloc sale and its lack of additional GST, ABSD, and SSD for buyers. With that, People’s Park Complex is primed to offer potential investments to more than just property buyers.