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 sits on an island location bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Roadway. The development comprises a four-storey retail block and also two condo blocks called Sherwood Towers, with 269 household units.
Upcoming properties consist of 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 associates won the 3.22 ha site, situated at the junction of Upper Bukit Timah Road as well as Jalan Jurong Kechil, with a proposal of $1.03 billion ($989 psf per plot ratio) in August 2021. The property will certainly consist of a business podium, property units, serviced condominiums, and also a new integrated transportation center.
The property is in Basement 2, facing the primary central plaza of the retail facility. It has 20m frontage and a complete strata location of roughly 3,391 sq ft. It is presently totally leased.
Clemence Lee, executive supervisor of resources markets, Singapore, at CBRE, mentions that strata-commercial units within the Beauty World sub-precinct are reduced in supply. “Investors realize that supply of strata-commercial properties will be restricted in the future, as the authorities start to restrict additional strata development of the commercial component of houses located in essential main locations,” he includes.
Therefore, he expects strong interest in the property from local and also foreign buyers, involving high-net-worth buyers, household offices and also owner-occupiers.
There is additionally an upcoming site under the 2H2022 GLS Program located at Bukit Timah Link, which can generate 160 available units.
A strata industrial unit favorably for eating establishment usage at Bukit Timah Plaza is up for sale using an expression of interest exercise. According to sole advertising representative CBRE, the unit has a guide price of $11 million.
Furthermore, Lee views that the restoration taking place in Beauty World will likely enhance rental and also capital appraisal for residences in the location over the medium to long-term.