Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
A strata industrial unit favorably for diner use at Bukit Timah Plaza is up for sale via an expression of interest exercise. According to single marketing agent CBRE, the unit has a guide rate of $11 million.
Clemence Lee, executive supervisor of capital markets, Singapore, at CBRE, mentions that strata-commercial units within the Beauty World sub-precinct are reduced in supply. “Capitalists are aware that supply of strata-commercial equities will certainly be limited in the future, as the authorities start to limit further strata neighborhood of the commercial element of properties located in vital central locations,” he adds.
To that end, he expects solid attraction in the property from local as well as foreign buyers, involving high-net-worth buyers, household workplaces as well as owner-occupiers.
Bukit Timah Plaza is a mixed-use property that was completed in 1979. It remains on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit as well as Upper Bukit Timah Roadway. The project makes up a four-storey retail block and also two condominium blocks called Sherwood Towers, with 269 property units.
On top of that, Lee views that the renewal taking place in Beauty World will likely enhance hire as well as resources appreciation for real estates in the area over the medium to long-term.
Forthcoming projects consist of a landmark mixed-use property 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 and Jalan Jurong Kechil, with a proposal of $1.03 billion ($989 psf per plot ratio) in August 2021. The property will consist of a retail podium, housing units, serviced flats, as well as a new integrated transportation center.
There is also an upcoming site under the 2H2022 GLS Program situated at Bukit Timah Link, which can produce 160 household units.
The real estate is in Basement 2, crossing the primary central plaza of the retail facility. It has 20m frontage and also a complete strata area of around 3,391 sq ft. It is currently fully rented.