Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
A strata business unit with approval for eating establishment usage at Bukit Timah Plaza is up for sale via an expression of interest exercise. According to sole advertising representative CBRE, the unit has an overview rate of $11 million.
Forthcoming properties consist of a site mixed-use development by Far East Organization as well as 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 as well as Jalan Jurong Kechil, with an offer of $1.03 billion ($989 psf per plot ratio) in August 2021. The project will consist of a business podium, residential units, serviced condominiums, as well as a new integrated transport center.
Clemence Lee, executive supervisor of funding markets, Singapore, at CBRE, mentions that strata-commercial units within the Beauty World sub-precinct are restricted in supply. “Investors are aware that supply of strata-commercial assets will be restricted in the future, as the authorities start to limit further strata community of the business element of properties located in crucial main locations,” he includes.
The building remains in Basement 2, facing the major central plaza of the retail facility. It has 20m frontage and also a total strata location of roughly 3,391 sq ft. It is currently totally rented.
To that end, he anticipates solid interest in the real estate from local area as well as foreign buyers, including high-net-worth individuals, household offices as well as owner-occupiers.
On top of that, Lee views that the rejuvenation happening in Beauty World will likely enhance hire as well as resources appreciation for real estates in the location over the medium to long-term.
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 also Upper Bukit Timah Road. The project consists of a four-storey retail block and also two apartment blocks known as Sherwood Towers, with 269 property units.
There is likewise an upcoming site under the 2H2022 GLS Program located at Bukit Timah Link, which can yield 160 residential units.