Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Bukit Timah Plaza is a mixed-use project that was completed in 1979. It rests on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit as well as Upper Bukit Timah Road. The project consists of a four-storey retail block and two flat blocks called Sherwood Towers, with 269 household units.
Clemence Lee, executive supervisor of capital markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Investors understand that supply of strata-commercial equities will be limited in the future, as the authorities begin to limit more strata subdivision of the industrial element of real estates located in crucial central areas,” he includes.
There is additionally an upcoming site under the 2H2022 GLS Programme situated at Bukit Timah Link, which can produce 160 housing units.
To that end, he anticipates strong interest in the property from local and also overseas buyers, consisting of high-net-worth buyers, home workplaces and owner-occupiers.
The property is in Basement Two, facing the major central plaza of the retail complex. It has 20m frontage and a total strata area of approximately 3,391 sq ft. It is presently fully leased.
Future properties include a landmark mixed-use property by Far East Organization as well as Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture associates won the 3.22 ha site, based at the joint of Upper Bukit Timah Road and Jalan Jurong Kechil, with a quote of $1.03 billion ($989 psf per plot ratio) in August 2021. The property will comprise a business podium, residential units, serviced condominiums, and a new incorporated transportation center.
In addition, Lee sees that the restoration happening in Beauty World will likely boost hire as well as funding appreciation for residences in the location over the medium to long term.
A strata industrial unit with approval for restaurant use at Bukit Timah Plaza is up for sale via an expression of interest exercise. According to single advertising agent CBRE, the unit has a guide price of $11 million.