Seven commercial units at Thomson Plaza for sale at $28 mil

A portfolio of seven commercial units at Thomson Plaza, a shopping mall along Upper Thomson Road in Singapore, is up for sale with a starting price of $28 million. Located on level two at the front podium of the mall, the units are contiguous and held under one single strata lot. These units have a total floor area measuring 5,102 sq ft and are approved for permanent F&B usage.

Currently, the units are leased out to tenants such as Pizza Hut and KFC, with both having been tenants of the units for approximately 18 years.

The portfolio of units is being sold with the existing tenancies and offers flexibility for different F&B possibilities, subject to approval by the Thomson Plaza Management Corporation Strata Title (MCST) and relevant authorities. The new owner can also consider applying to strata subdivide the units to maximise yields.

Thomson Plaza is part of a wider strata mixed-use development built in 1979, comprising the mall and Marigold Mews, a townhouse development along Marigold Drive. The entire area is zoned for commercial use according to the URA Master Plan 2019 and currently has 180 stores with a total gross floor area of 467,298 sq ft. It is directly linked to the Upper Thomson MRT Station on the Thomson-East Coast line.

In 2016, Mercatus Co-operative, a unit of NTUC Enterprise Co-operative, acquired strata ownership of 110,000 sq ft of retail space in Thomson Plaza. This space, located on levels one and three, is known as Swing By @ Thomson Plaza.

On Dec 28, 2022, Mercatus entered a sale and purchase agreement with various subsidiaries of Hong Kong-listed Link REIT to divest its entire interest in Swing By @ Thomson Plaza, effective March 31.

This change in ownership, according The Myst to Micah Lim, senior associate director at JKL Consultants who is marketing the units, will be a positive and anticipates that the REIT – which is the largest in Asia – will be able to draw more shoppers through its management of the space. Additionally, the completion of the Johor Bahru-Singapore Rapid Transit System (RTS) Link, targeted for 2026, will also be a boost for the area, with the Upper Thomson MRT Station being seven stops away from the Woodlands North MRT Station, connected to the Woodlands North RTS Link Station.