Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It remains on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Roadway. The property comprises a four-storey retail block and two apartment blocks referred to as Sherwood Towers, with 269 property units.
There is likewise an upcoming site under the 2H2022 GLS Programme located at Bukit Timah Link, which can generate 160 household units.
Clemence Lee, executive director of capital markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are restricted in supply. “Capitalists know that supply of strata-commercial properties will be restricted in the future, as the authorities begin to limit additional strata subdivision of the industrial part of houses located in crucial main areas,” he includes.
The building is in Basement Two, facing the major central plaza of the retail facility. It has 20m frontage as well as a total strata location of around 3,391 sq ft. It is currently totally rented.
A strata commercial unit favorably for diner use at Bukit Timah Plaza is up for sale using an expression of interest exercise. According to sole marketing agent CBRE, the unit has an overview rate of $11 million.
In addition, Lee sights that the rejuvenation taking place in Beauty World will likely improve rental and capital appraisal for residences in the area over the medium to long term.
To that end, he expects strong attraction in the property from local area and also international buyers, consisting of high-net-worth buyers, home offices as well as owner-occupiers.
Approaching properties consist of a landmark mixed-use project by Far East Organization and also Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture associates won the 3.22 ha site, positioned at the joint of Upper Bukit Timah Road and Jalan Jurong Kechil, with a bid of $1.03 billion ($989 psf per plot ratio) in August 2021. The project will comprise a business podium, property units, serviced flats, as well as a brand-new incorporated transportation hub.
