Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Bukit Timah Plaza is a mixed-use property that was finished in 1979. It sits on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Roadway. The property makes up a four-storey retail block as well as 2 condominium blocks referred to as Sherwood Towers, with 269 property units.
Clemence Lee, executive supervisor of resources markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are restricted in supply. “Capitalists realize that supply of strata-commercial residences will certainly be restricted in the future, as the authorities begin to restrict further strata development of the commercial component of real estates situated in key main locations,” he includes.
The real estate remains in Basement Two, crossing the primary central plaza of the retail complex. It has 20m frontage and a total strata location of roughly 3,391 sq ft. It is presently totally leased.
Future projects 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, based at the junction of Upper Bukit Timah Road and Jalan Jurong Kechil, with a proposal of $1.03 billion ($989 psf per plot ratio) in August 2021. The development will certainly consist of a retail podium, residential units, serviced condominiums, and also a brand-new incorporated transport center.
A strata business unit with approval for diner usage at Bukit Timah Plaza is up for sale via an expression of interest exercise. According to sole promotion agent CBRE, the unit has an overview rate of $11 million.
Therefore, he prepares for strong interest in the property from local and also foreign buyers, including high-net-worth individuals, household offices and also owner-occupiers.
Furthermore, Lee views that the renewal happening in Beauty World will likely boost rental and also resources appreciation for real estates in the location over the medium to long term.
There is likewise an upcoming site under the 2H2022 GLS Program located at Bukit Timah Link, which can yield 160 available units.