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Peninsula Plaza Review

Commercial Property Review — District 06 · Downtown Core

Peninsula Plaza

A 999-year mixed-use landmark on North Bridge Road, anchored by Singapore’s best-known Myanmar retail cluster and a value-priced Downtown Core office tower.

SGCPI Research Desk Updated 26 August 2026 111 North Bridge Road, Singapore 179098 999-YR LEASEHOLD FROM 1829

Street-level view of Peninsula Plaza, 111 North Bridge Road. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NamePeninsula Plaza
Address111 North Bridge Road, Singapore 179098
DistrictDistrict 06 (Downtown Core)
Tenure999-year leasehold from 1829
Zoning / UseCommercial — office tower + retail podium
Built Form30-storey mixed development: ≈24-storey office tower atop a 5-storey retail podium and basement
Land Area / GFALand ≈4,554 sqm (≈49,020 sq ft); GFA ≈38,000 sqm (≈409,000 sq ft)
Completion Year1979
Nearest MRTCity Hall (NS25/EW13), Bras Basah (CC2), Esplanade (CC3)
Key Road AccessNorth Bridge Road, Coleman Lane, short reach to Nicoll Highway / ECP
Transacted PSF Range≈S$1,900 – S$5,050 psf (trailing 12 months)
Sale Price Range≈S$890,000 – S$21,000,000 per unit
Asking Rent Range≈S$2,700 – S$19,500 per month
Occupier BaseMyanmar-focused retail (travel/visa agents, remittance, minimarts, F&B) on podium levels; SME offices, media/photography and professional-services tenants on tower floors

Location & Connectivity

Peninsula Plaza sits at the junction of North Bridge Road and Coleman Lane, deep inside the Downtown Core planning area and a short stroll from the Civic District, Bras Basah arts belt and the Padang. The site has been continuously built upon since the 1800s, giving the address a long institutional presence that predates most of the towers now surrounding it, including Funan, Capitol Singapore and Raffles City.

City Hall interchange station (North-South and East-West Lines) is roughly two to three minutes on foot, while Bras Basah (Circle Line) and Esplanade (Circle Line) are both within a comfortable ten-minute walk, giving occupiers a genuine four-line catchment rarely matched elsewhere in the CBD fringe. Motorists reach the development via North Bridge Road with quick links onward to Nicoll Highway and the East Coast Parkway, and it is walkable to Raffles Place for staff who need to shuttle between the two financial nodes.

The immediate surrounds mix heritage and retail density: Peninsula Excelsior Hotel and Peninsula Shopping Centre flank the block, Funan and Capitol Singapore anchor the retail scene a few minutes away, and supermarkets such as FairPrice Finest and Don Don Donki serve daily needs. The result is a location with strong daytime footfall from office workers, tourists and the resident Myanmar community alike, though it sits slightly off the prime Orchard and Marina Bay office corridors.

Location of Peninsula Plaza. Map data: Google Maps, accessed August 2026.

Building & Facilities

Completed in 1979 at a construction cost reported at S$110 million in its day, Peninsula Plaza was among the first developments in Singapore to feature outdoor escalators and a car lift, and its Neo-Gothic detailing on the podium façade remains a distinctive streetscape marker on North Bridge Road. The building rises roughly 30 storeys, split between a lower retail podium of about five to six levels (plus basement) and an office tower stacked above, served by conventional passenger lifts and covered basement/multi-storey car parking.

The retail podium is compact and mall-like, organised around narrow internal frontages rather than anchor-tenant floorplates, which suits small-format specialty retail — money changers, travel and visa agencies, mini-marts, tailoring, photography and F&B — more than large chain stores. Office floors above are more conventional in layout, with strata units ranging from compact walk-up-style suites to larger contiguous floors, historically transacted individually or, on occasion, by full storey.

As with any strata-titled commercial asset from 1979, prospective buyers and tenants should independently verify current fire-safety certification, lift maintenance records, addition-and-alteration approvals for any unit renovations, and the building’s Management Corporation Strata Title (MCST) financial position before committing, since building age and mixed occupier turnover can mean variable upkeep across common areas.

Unit Types & Floor Plan Notes

Peninsula Plaza’s stock spans small podium retail bays through to mid-sized office suites and select larger office floors, giving buyers a wide entry-price ladder within a single building.

Podium Retail Bay

≈150 – 400 sq ft

Compact shopfront or minimart-format units on the basement to third-floor podium, suited to specialty and Myanmar-community retail, remittance or F&B kiosks.

Small Office Suite

≈600 – 900 sq ft

Entry-level strata offices on lower tower floors, popular with sole proprietors, trading firms and agencies needing a CBD-fringe address at a lower capital outlay.

Mid-Size Office Unit

≈1,000 – 2,000 sq ft

Combinable adjoining units on several tower floors allow small-to-medium teams to configure open-plan or partitioned layouts without moving to a Grade A tower.

Full/Part Office Floor

≈3,000 – 3,961 sq ft

Larger contiguous or full-floor plates that occasionally come to market, historically attracting institutional or investor buyers seeking scale within one purchase.

Ceiling Height: ≈2.6m typical office floor-to-ceiling
Lift Provision: Multiple passenger lifts serving podium and tower zones
Car Parking: Basement and multi-storey parking, plus historic car-lift access
Floor Loading: Standard commercial office loading; verify for retail fit-out plans
Renovation Approvals: A&A works subject to MCST and BCA sign-off

Investment Case

Peninsula Plaza’s investment appeal rests on its rare 999-year tenure, its irreplaceable Downtown Core address, and a below-market entry price point relative to comparable CBD-fringe commercial stock — balanced against the building’s age, dated common areas and a niche retail tenant mix that some investors may see as less institutional-grade.

What Works

  • 999-year leasehold removes the lease-decay discount that weighs on most Singapore commercial assets.
  • Genuine four-MRT-line catchment (City Hall, Bras Basah, Esplanade, and Clarke Quay within reach) in a walkable Civic District setting.
  • Wide unit-size ladder, from sub-S$1 million retail bays to multi-million-dollar office floors, suits different capital budgets.
  • Established, sticky footfall from the resident Myanmar community supports podium retail occupancy and rental demand.
  • Transacted PSF still trades at a discount to prime CBD Grade A office and retail benchmarks, leaving room for re-rating.

What to Weigh Carefully

  • Building is over four decades old; lifts, façade and M&E systems require ongoing capital expenditure.
  • Niche, community-anchored retail mix may cap rental upside versus mainstream mall or Grade A office comparables.
  • Strata-titled, multi-owner MCST structure means slower, consensus-based decisions on upgrading or en-bloc initiatives.
  • Some units carry dated fit-outs, requiring buyer capex before relisting or re-letting at competitive rates.
  • Footfall and image are closely tied to the Myanmar-community identity, which shapes — and may limit — the tenant pool for owner-occupiers outside that niche.

Who This Suits

Peninsula Plaza tends to suit value-focused commercial buyers rather than trophy-asset investors. Small business owners and sole proprietors — trading firms, travel and visa agencies, remittance operators, photography studios and specialty F&B — are well served by the compact, affordable podium and low-floor office stock, particularly those already serving or adjacent to the Myanmar community. Investors seeking a defensive, lease-secure holding with genuine long-run land tenure may also find the 999-year title attractive relative to typical 99-year commercial stock, provided they underwrite the building’s age into their capex assumptions. It is less suited to occupiers requiring a Grade A, single-tenant image, large contiguous floorplates for a corporate headquarters, or landlords chasing premium blue-chip rental covenants, who are better matched to newer CBD or Marina Bay towers.

Frequently Asked Questions

What is Peninsula Plaza zoned for, and what uses are permitted?
Peninsula Plaza is zoned Commercial under the Master Plan, permitting a mix of office and retail uses across its podium and tower. The retail podium (basement to roughly the third or fourth floor) is geared toward shop, F&B and service uses, while the upper tower floors are approved for office use. Buyers and tenants should always verify the specific permitted use of an individual unit against its strata title and any URA use conditions before signing, as usage can vary by floor and by the unit’s original approval. Uses such as clinics, education centres or places of worship may need additional change-of-use approval from URA and the building’s MCST, and should not be assumed to be automatically permitted simply because the building is zoned Commercial.
Can foreigners buy office or retail units at Peninsula Plaza?
Yes. Singapore’s Residential Property Act restrictions on foreign ownership apply to residential property, not commercial property, so foreign individuals and foreign-registered companies can generally purchase strata office and retail units at Peninsula Plaza without prior government approval. This is one of the structural attractions of commercial real estate for overseas buyers, including those from the Myanmar business community with existing ties to the building. That said, foreign buyers should still budget for the same stamp duties as local buyers, arrange financing carefully since foreign-currency income can affect loan quantum, and engage a Singapore-qualified conveyancing lawyer to handle title checks, MCST by-laws and any existing tenancy arrangements before completing purchase.
Does Additional Buyer’s Stamp Duty (ABSD) apply to a purchase here?
No. ABSD in Singapore applies specifically to residential property purchases and does not apply to commercial units such as the offices and retail bays at Peninsula Plaza, regardless of whether the buyer is a Singapore citizen, permanent resident, foreigner or company. This is a meaningful cost advantage over residential investment, since ABSD rates on residential purchases can run into double digits for entities and multiple-property owners. Buyers should note, however, that this exemption applies only to genuinely commercial-zoned units; any residential component within a mixed development would still attract ABSD. Always confirm a unit’s zoning classification with the seller’s agent or URA’s records before assuming ABSD-free treatment.
Is Seller’s Stamp Duty (SSD) a concern if I want to resell quickly?
Commercial property such as Peninsula Plaza is not subject to Seller’s Stamp Duty, which in Singapore applies only to residential property sold within the holding period specified by MAS and IRAS rules. This gives commercial owners more flexibility to trade units in and out without a holding-period penalty, which suits investors who may want to flip a unit after a lease-up or renovation uplift. That flexibility does not remove ordinary transaction frictions, though — legal fees, agent commissions, and potential capital gains considerations for entities conducting property trading as a business should still be factored into any short-term resale strategy, alongside prevailing market liquidity for the specific unit type.
How is Buyer’s Stamp Duty (BSD) calculated on a Peninsula Plaza unit?
BSD is payable on all Singapore property purchases, commercial included, and is calculated on a tiered percentage of the purchase price or market value, whichever is higher. For commercial property the marginal rates currently step up through the price bands, reaching 5% or 6% on the highest portions of larger transactions such as a full-floor office purchase. On a modest podium retail bay priced under S$1 million, BSD is a relatively small line item; on a multi-million-dollar office floor it becomes material and should be built into the purchase budget from the outset. Buyers should always request an updated BSD computation from their conveyancing lawyer at the point of exercise, since rates are periodically revised.
Is GST charged on the purchase or rental of units at Peninsula Plaza?
If the seller or landlord is GST-registered, GST is typically chargeable on the sale price or rent of commercial property such as office and retail units at Peninsula Plaza, since commercial real estate transactions fall outside the GST exemptions that apply to most residential property. A GST-registered corporate buyer may be able to claim input tax on the purchase, subject to normal GST rules, while an individual or non-registered entity generally cannot. Tenants signing leases should clarify upfront whether quoted rents are GST-inclusive or exclusive, as this materially affects total occupancy cost. Buyers structuring a purchase through a company should discuss GST registration timing with their accountant before completion.
How does financing work given the 999-year tenure?
The 999-year leasehold tenure at Peninsula Plaza is treated by most Singapore banks in much the same way as freehold title, since the remaining lease term is effectively unlimited for practical lending purposes. This generally supports full standard loan-to-value ratios and tenor for commercial mortgages, unlike shorter 30- or 60-year leasehold industrial or commercial titles where remaining lease can restrict loan quantum or force shorter amortisation. Buyers should still expect commercial property loans to carry lower LTV caps than residential loans, along with bank valuation and stress-testing of the unit’s rental income if financing is serviced by lease income. Comparing packages across at least two or three banks is advisable given rate and covenant variation.
What kind of rental yield can owners expect?
Based on current asking rents of roughly S$2,700 to S$19,500 per month against typical unit prices in the low-to-mid single-digit millions or well below S$1 million for small podium bays, gross yields on Peninsula Plaza units broadly fall in a mid-single-digit percentage range, which compares reasonably against many Grade A CBD offices trading at tighter yields. Actual achieved yield varies significantly by floor, unit condition and tenant type — Myanmar-community retail bays with long-standing tenants can offer stable, if modest, income, while renovated office suites targeting professional-services tenants may command stronger psf rents. Prospective buyers should request trailing rental history and outgoings for a specific unit rather than relying on building-wide averages.
How does the building’s age affect a purchase decision?
Completed in 1979, Peninsula Plaza is now well over four decades old, which is an important factor for both financing and long-term capex planning. Older commercial buildings typically require more frequent maintenance of lifts, façade, waterproofing and mechanical and electrical systems, and buyers should review the MCST’s sinking fund position and any planned major works before purchase. Building age does not prevent financing given the strong 999-year tenure, but valuers and banks may apply more conservative assumptions to physically dated units, especially those with original fit-outs. A physical inspection and review of past MCST minutes is strongly recommended to understand the true condition of both the unit and shared building systems.
What are the odds of an en-bloc sale or major redevelopment?
En-bloc potential at Peninsula Plaza should be regarded as a long-dated, uncertain scenario rather than a near-term catalyst. Unlike a 99-year leasehold site approaching lease expiry, the 999-year tenure removes the urgency that often drives ageing leasehold developments toward collective sale, meaning owners have less financial pressure to agree to a sale. Any redevelopment would also require the statutory 80% or 90% consent threshold (depending on building age) among a large, diverse base of strata owners spanning retail and office use, which historically makes consensus harder to reach. Buyers should treat the building primarily as an income and occupier-use asset, with en-bloc upside viewed as a possible, but not assured, long-term bonus.
What is parking and loading access like for tenants and customers?
Peninsula Plaza offers basement and multi-storey car parking for tenants, owners and visitors, along with legacy car-lift infrastructure that was notable when the building was completed. Retail and F&B operators on the podium levels should note that loading and unloading for goods deliveries is typically managed through designated bays and building management scheduling rather than direct street-side access, given the building’s dense city-centre footprint. Office tenants relying on client visits should factor in that on-site parking supply in this part of Downtown Core is limited relative to demand, and many visitors and staff instead rely on the strong MRT connectivity from City Hall, Bras Basah and Esplanade stations.
What should buyers expect for maintenance and MCST fees?
As a strata-titled development with a large, mixed base of office and retail owners, Peninsula Plaza is governed by a Management Corporation Strata Title (MCST) that collects monthly maintenance fees to fund common-area upkeep, lift servicing, security, cleaning and sinking-fund contributions for major works. Fees are typically apportioned by share value, so larger units carry proportionally higher charges. Given the building’s age, prospective buyers should request the latest MCST accounts, sinking-fund balance and any resolutions on upcoming upgrading works, since older mixed-use buildings can face higher-than-average major repair costs over time. Comparing quoted maintenance fees against similar-vintage CBD-fringe commercial buildings is a useful sanity check before committing to a purchase.
How liquid is the resale market for units at Peninsula Plaza?
Resale liquidity at Peninsula Plaza is reasonable but not as deep as newer, larger commercial developments, reflecting its strata-titled, multi-use structure and niche retail identity. Smaller, lower-priced podium retail bays tend to see steadier transaction turnover given the broad base of small-business buyers they attract, while larger office floors and full-floor plates trade less frequently and can take longer to find a matching buyer at asking price. Sellers should expect pricing to be closely benchmarked against recent comparable transactions in the building, and should budget realistic marketing timelines, particularly for larger or higher-priced units, rather than assuming instant liquidity typical of larger, more actively traded commercial addresses.
What types of businesses are best suited to operate here?
Peninsula Plaza’s podium levels are best suited to specialty retail, F&B, travel and visa services, remittance and money-changing, and other businesses that benefit from proximity to the resident Myanmar community and general Downtown Core footfall. The upper office floors work well for sole proprietors, trading companies, agencies and professional-services firms that want a legitimate Downtown Core address without paying Grade A CBD rents. It is generally less suited to businesses requiring large, uninterrupted floorplates, heavy industrial or warehousing use, or a purely blue-chip corporate image, all of which are better served by purpose-built business parks or premium CBD towers elsewhere in Singapore.

This article is provided for general informational purposes only and does not constitute financial, legal or investment advice. Figures for pricing, rental, floor area and other physical or market data are drawn from publicly available sources and, where indicated with the symbol “≈”, represent reasoned estimates rather than verified official figures. Prospective buyers and tenants should conduct independent due diligence, including verification with URA, the building’s MCST and a qualified property agent or lawyer, before making any transaction decision.

© 2026 SG Commercial Property Insights. All rights reserved.

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