Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
The property is in Basement Two, crossing the primary central plaza of the retail facility. It has 20m frontage and a total strata area of around 3,391 sq ft. It is currently completely leased.
Forthcoming properties include a site 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 partners won the 3.22 ha site, based at the junction of Upper Bukit Timah Road and also Jalan Jurong Kechil, with a quote of $1.03 billion ($989 psf per plot ratio) in August 2021. The project will make up a retail podium, residential units, serviced condominiums, as well as a brand-new integrated transportation hub.
On top of that, Lee sights that the restoration happening in Beauty World will likely increase hire and capital appraisal for buildings in the area over the medium to long term.
There is additionally an upcoming site under the 2H2022 GLS Programme situated at Bukit Timah Link, which can produce 160 property units.
Therefore, he expects solid interest in the real estate from local and also overseas buyers, including high-net-worth individuals, household offices and owner-occupiers.
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. “Financiers realize that supply of strata-commercial assets will certainly be limited in the future, as the authorities start to limit additional strata subdivision of the commercial element of houses located in crucial central locations,” he adds.
A strata commercial unit favorably for restaurant usage at Bukit Timah Plaza is up for sale by means of an expression of interest exercise. According to sole advertising agent CBRE, the unit has a guide price of $11 million.
Bukit Timah Plaza is a mixed-use development that was finished in 1979. It rests on an island location bounded by the Pan-Island Expressway, Jalan Anak Bukit as well as Upper Bukit Timah Roadway. The property comprises a four-storey retail block as well as 2 flat blocks known as Sherwood Towers, with 269 residential units.