Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
A strata commercial unit with approval for eating establishment use at Bukit Timah Plaza is up for sale by means of an expression of interest exercise. According to sole promotion representative CBRE, the unit has a guide price of $11 million.
To that end, he anticipates strong attraction in the property from local area and overseas buyers, consisting of high-net-worth buyers, family offices as well as owner-occupiers.
On top of that, Lee views that the rejuvenation happening in Beauty World will likely improve hire and capital appreciation for buildings in the location over the medium to long-term.
Clemence Lee, executive supervisor of resources markets, Singapore, at CBRE, marks that strata-commercial units within the Beauty World sub-precinct are reduced in supply. “Capitalists are aware that supply of strata-commercial properties will be limited in the future, as the authorities begin to limit additional strata subdivision of the business component of houses found in crucial central locations,” he includes.
The property is in Basement 2, facing the main central plaza of the retail facility. It has 20m frontage and also an overall strata area of roughly 3,391 sq ft. It is presently fully rented.
There is also an upcoming site under the 2H2022 GLS Program located at Bukit Timah Link, which can produce 160 household units.
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It rests on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Roadway. The project consists of a four-storey retail block and also 2 residence blocks called Sherwood Towers, with 269 property units.
Future projects include a landmark mixed-use development by Far East Organization and also Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture associates won the 3.22 ha site, located at the joint of Upper Bukit Timah Road as well as Jalan Jurong Kechil, with a quote of $1.03 billion ($989 psf per plot ratio) in August 2021. The project will certainly consist of a business podium, housing units, serviced condominiums, and a brand-new incorporated transport center.
