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 rests on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Road. The development consists of a four-storey retail block and two apartment blocks referred to as Sherwood Towers, with 269 residential units.
In addition, Lee sees that the renewal occurring in Beauty World will likely enhance hire and also capital appraisal for properties in the location 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 residential units.
Forthcoming properties include a landmark mixed-use project 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, situated at the joint 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 comprise a business podium, residential units, serviced flats, as well as a brand-new integrated transport center.
Therefore, he prepares for strong interest in the building from local as well as foreign buyers, consisting of high-net-worth individuals, family workplaces as well as owner-occupiers.
The building remains in Basement 2, facing the major central plaza of the retail complex. It has 20m frontage and also a total strata location of roughly 3,391 sq ft. It is presently fully leased.
Clemence Lee, executive director of capital markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Investors understand that supply of strata-commercial equities will certainly be limited in the future, as the authorities begin to limit additional strata development of the commercial part of real estates situated in vital central locations,” he includes.
A strata commercial unit with approval for restaurant use at Bukit Timah Plaza is up for sale via an expression of interest exercise. According to sole marketing representative CBRE, the unit has a guide price of $11 million.