Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
A strata commercial unit favorably for dining establishment use at Bukit Timah Plaza is up for sale using an expression of interest exercise. According to sole promotion agent CBRE, the unit has an overview cost of $11 million.
Forthcoming projects include a site 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, positioned 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 development will certainly make up a commercial podium, housing units, serviced apartments, and a brand-new incorporated transport hub.
Bukit Timah Plaza is a mixed-use development that was finished in 1979. It rests on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Roadway. The development comprises a four-storey retail block and also 2 flat blocks known as Sherwood Towers, with 269 property units.
The property remains in Basement Two, crossing the major central plaza of the retail facility. It has 20m frontage and also an overall strata location of roughly 3,391 sq ft. It is currently totally leased.
Furthermore, Lee sees that the rejuvenation occurring in Beauty World will likely increase hire and also capital appreciation for buildings in the area over the medium to long-term.
Therefore, he expects solid interest in the property from local area and international buyers, including high-net-worth buyers, family offices as well as owner-occupiers.
There is additionally an upcoming site under the 2H2022 GLS Program located at Bukit Timah Link, which can generate 160 household 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. “Financiers know that supply of strata-commercial equities will be limited in the future, as the authorities begin to restrict further strata neighborhood of the commercial part of real estates found in crucial main locations,” he adds.
