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Watch retailer All Watch paid $900,000 for the freehold unit - all 86 sq ft of it - working out to a massive $10,452 psf. Figures reported by SISV Services, based on caveats captured by its REALink 21 database, show the Lucky Plaza deal was not only the most expensive in terms of per square foot of floor area for last year, but also the dearest since the database started in 1995.

 

In contrast, luxury residential apartments which are more often in the limelight are priced at a fraction of what shop units normally cost. For example, in recent months, a unit in The Boulevard Residence cost up to $2,200 psf, while at The Ladyhill prices peaked at $2,086 psf, and Cairnhill Crest $2,002 psf.

 

All Watch managing director Sunny Ng told BT his firm bought unit B1-130 in Lucky Plaza to extend its business that occupied adjacent units B1-128 and B-129. The group refurbished all three units and the new combined shop opened a few days ago. Why did Mr Ng pay so much psf for B1-130? It's an investment in the future of Orchard Road, he said. 'Rentals are going up year after year, so it's better to own your own property.' All Watch's four other outlets - one each at Wisma Atria and Albert Complex, and two in Bugis Junction, including one in the Seiyu department store - are rented.

 

SISV Services' report says the most expensive deal psf so far this year was for a first-level shop in Sim Lim Square, which changed hands for $8,446 psf. The 355.2 sq ft unit sold for $3 million. Sim Lim Square - at Rochor Canal Road, on a site with a remaining lease of about 76 years - is a magnet for electronic goods and computer shoppers. So it's no surprise that it recorded the second-highest psf price price last year - $5,912 psf for a first-level unit that was bought for $2.1 million.

 

Another mall fetching high psf prices last year and this year is the freehold but ageing Far East Plaza on Scotts Road - again a magnet for shoppers. The most expensive psf price there last year was $5,814 psf, while the dearest so far this year was $4,999 psf. Sim Lim Square and Far East Plaza are crowd pullers, which makes them favourites among small retailers, with 34 and 33 deals done last year.

 

SISV Services says the highest total price paid for a shop last year was for a basement one unit in Northpoint Shopping Centre in Yishun. The 20,473 sq ft unit is understood to have been sold by Dairy Farm group to Frasers Centrepoint for $28.8 million. Frasers Centrepoint thus gained full ownership of the mall which it is expected to inject into a proposed shopping centre real estate investment trust. Last year's most expensive office unit in terms of total price was on the 19th floor of Suntec City. It sold for $10.82 million or $900 psf. In psf terms, last year's priciest office was a 990 sq ft unit on the 12th floor of Peninsula Plaza, which brought $1,760 psf.

 

SISV Services also reported an increase in medical suite transactions, resulting mainly from the Novena Medical Centre being developed by Far East Organization.