Jelita Shopping Centre, with a guide price of $85 million, is put up for sale via an Expression of Interest (EOI). Spanning 33,621 sq ft in net lettable area, the 46,427 sq ft two-storey mall located at 293 Holland Road sits on a 46,616 sq ft site. Its 999-year leasehold development falls under the ‘Commercial and Residential’ zoning, with a gross plot ratio of 2.2 in accordance with the 2019 Master Plan. Boasting 57 basement carpark lots for convenience, the suburban mall is home to a 24-hour Cold Storage Supermarket on the ground floor.

This prime suburban shopping mall located off Holland Road is now available for sale through an Expression of Interest (EOI). Owned by DFI Retail Group, the 999-year leasehold development holds a wealth of potential for prospective buyers, due to its prime location and impressive features across its two storeys.

At 46,416 sq ft, the mall sits in a ‘Commercial and Residential’ zone with a gross plot ratio of 2.2 in accordance with the 2019 Master Plan. It has a total gross floor area of 46,427 sq ft, a net lettable area of 33,621 sq ft, and 57 basement carpark lots.

The anchor tenant is a 24-hour Cold Storage supermarket, which occupies the entire ground floor of about 20,000 sq ft. Other tenants include Starbucks, Delifrance, Guardian, and Times Bookstore. Plans are also underway to rebrand the current supermarket in the mall as a CS Fresh outlet. With its guide price of $85 million, the mall translates to about $2,528 psf on the net lettable area.

In terms of divestment, DFI Retail Group offers two options for the sale and leaseback: DFI to leaseback the ground floor space as per the existing arrangement or DFI to lease back the entire building. Terry Wong, senior director of capital markets at JLL Singapore, believes that this provides buyers with an attractive opportunity for a core retail offering with defensive income at a palatable quantum, reaffirmed by a blue-chip anchor tenant. He adds that prime suburban retail assets with highly visible road frontage are rarely available for sale, and tend to remain tightly held as these assets have generated resilient cash flows during the pandemic.

The EOI closes on July 18. EdgeProp’s property analysis tool, Landlens, is at hand to provide detailed population, transaction, and relevant real estate data.

The Altura EC is a highly anticipated executive condominium in Sengkang, nestled between the Punggol Park Connector and Sengkang Riverside Park. This is the perfect location for those looking to be closer to nature while still being connected to the city. With its strategic location, the Altura EC is sure to attract strong demand from HDB upgraders and first-time homebuyers for its price of S$1,300 per square foot. Possession of the West Avenue 8 EC project, which is expected to be launched in Q2 2023, will be a major milestone for the Altura EC.

A few reminders that this rare opportunity presents: a suburban mall with 999-year leasehold, attractive quantum, prime location, 57 carpark lots, blue-chip anchor tenant, and resilient cash flows. Potential buyers who are interested in acquiring this core retail offering should act now, before the EOI closes on July 18.