Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Bukit Timah Plaza is a mixed-use project that was completed in 1979. It rests on an island location bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Road. The project makes up a four-storey retail block as well as two residence blocks known as Sherwood Towers, with 269 residential units.
A strata commercial unit favorably for restaurant usage at Bukit Timah Plaza is up for sale by means of an expression of interest exercise. According to single advertising agent CBRE, the unit has an overview rate of $11 million.
Clemence Lee, executive director of capital markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are reduced in supply. “Capitalists realize that supply of strata-commercial equities will be restricted in the future, as the authorities begin to restrict additional strata neighborhood of the industrial component of properties situated in essential central areas,” he adds.
Furthermore, Lee views that the restoration happening in Beauty World will likely boost rental as well as funding appreciation for residences in the location over the medium to long-term.
Forthcoming properties consist of a site mixed-use development by Far East Organization and 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 joint of Upper Bukit Timah Road and Jalan Jurong Kechil, with a proposal of $1.03 billion ($989 psf per plot ratio) in August 2021. The property will certainly consist of a commercial podium, residential units, serviced flats, and also a new integrated transport hub.
To that end, he prepares for strong attraction in the real estate from local as well as international buyers, including high-net-worth buyers, home workplaces and owner-occupiers.
The real estate remains in Basement 2, facing the major central plaza of the retail facility. It has 20m frontage and an overall strata location of approximately 3,391 sq ft. It is presently fully leased.
There is additionally an upcoming site under the 2H2022 GLS Programme situated at Bukit Timah Link, which can produce 160 available units.