Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Bukit Timah Plaza is a mixed-use project that was finished in 1979. It remains on an island location bounded by the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Road. The project comprises a four-storey retail block and also two residence blocks referred to as Sherwood Towers, with 269 residential units.
The real estate is in Basement Two, facing the primary central plaza of the retail complex. It has 20m frontage as well as a complete strata location of roughly 3,391 sq ft. It is currently completely rented.
To that end, he anticipates solid interest in the property from local and also foreign buyers, involving high-net-worth individuals, family offices as well as owner-occupiers.
There is additionally an upcoming site under the 2H2022 GLS Program situated at Bukit Timah Link, which can produce 160 property units.
Future projects include 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 partners won the 3.22 ha site, based at the junction of Upper Bukit Timah Road and also Jalan Jurong Kechil, with a proposal of $1.03 billion ($989 psf per plot ratio) in August 2021. The development will comprise a commercial podium, housing units, serviced apartments, as well as a brand-new incorporated transport hub.
A strata business unit favorably for dining establishment use at Bukit Timah Plaza is up for sale using an expression of interest exercise. According to single advertising representative CBRE, the unit has a guide cost of $11 million.
Clemence Lee, executive supervisor of resources markets, Singapore, at CBRE, marks that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Financiers know that supply of strata-commercial residences will be restricted in the future, as the authorities begin to limit additional strata development of the business component of properties located in crucial main areas,” he adds.
In addition, Lee views that the renewal taking place in Beauty World will likely boost hire and capital appraisal for residences in the location over the medium to long term.
