Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Clemence Lee, executive supervisor of capital markets, Singapore, at CBRE, marks that strata-commercial units within the Beauty World sub-precinct are restricted in supply. “Investors know that supply of strata-commercial equities will certainly be limited in the future, as the authorities start to restrict further strata development of the industrial element of real estates situated in essential main locations,” he adds.
Upcoming properties consist of a landmark mixed-use development by Far East Organization and Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture partners won the 3.22 ha site, positioned at the junction of Upper Bukit Timah Road and also Jalan Jurong Kechil, with a bid of $1.03 billion ($989 psf per plot ratio) in August 2021. The property will comprise a business podium, property units, serviced apartments, as well as a new integrated transport center.
A strata commercial 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 rate of $11 million.
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It remains on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Roadway. The property comprises a four-storey retail block and also 2 apartment blocks referred to as Sherwood Towers, with 269 property units.
On top of that, Lee sights that the rejuvenation occurring in Beauty World will likely enhance rental and resources appraisal for buildings in the area over the medium to long-term.
There is additionally an upcoming site under the 2H2022 GLS Program located at Bukit Timah Link, which can yield 160 house units.
Therefore, he expects strong attraction in the property from local and overseas buyers, involving high-net-worth buyers, home workplaces and owner-occupiers.
The property is in Basement Two, crossing the major central plaza of the retail complex. It has 20m frontage and a complete strata location of roughly 3,391 sq ft. It is presently fully leased.
