In tandem with the continued strong demand for small strata retail units, all 93 units at Pavilion Square in Geylang Road were snapped up on Saturday.

BT understands that the prices achieved range from $2,000 per square foot for third‐floor units with open terraces and some "flat roof" space above to a whopping $10,879 psf.

The top price, for a 118 sq ft street‐fronting food‐and‐beverage unit on the ground floor, is a record price for a retail unit outside the city and the Orchard Road shopping belt, analysts say.

The retail units in Pavilion Square, a mixed development by Pollux Properties, garnered strong interest. Cheques were collected on Friday and the units sold through balloting the next day; some ground floor units are touted to have drawn more than 100 cheques each.

Market watchers said that the buyers are predominantly investors. The $10,879 psf top price in the development surpassed the $8,000 psf achieved in January for Alexandra Central. Retail units in the 99‐year leasehold project being developed next to Ikea sold at between $4,000 and $8,000 psf.

However, BT understands that island wide, the highest psf price achieved for a retail unit is probably $18,000 psf for a prime Level 1 unit in the freehold Lucky Plaza in Orchard Road. This wassold early last year.No caveat was lodged by the buyer.

Besides the $10,879 psf deal, six other ground‐floor F&B units in Pavilion Square sold at above $10,000 psf. The remaining units on that level are all said to have fetched above $8,000 psf.

F&B units on the third floor were sold in the $2,000‐$2,400 psf band.

Source: AmFraser