Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Clemence Lee, executive director of resources markets, Singapore, at CBRE, marks that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Capitalists understand that supply of strata-commercial equities will be restricted in the future, as the authorities start to restrict more strata subdivision of the business part of properties situated in key main areas,” he includes.
On top of that, Lee sights that the restoration happening in Beauty World will likely improve hire as well as capital appreciation for real estates in the area over the medium to long-term.
The property is in Basement 2, crossing the main central plaza of the retail complex. It has 20m frontage as well as an overall strata location of roughly 3,391 sq ft. It is currently completely leased.
Therefore, he anticipates solid interest in the building from local and international buyers, consisting of high-net-worth individuals, family offices and owner-occupiers.
A strata industrial unit favorably for restaurant use at Bukit Timah Plaza is up for sale through an expression of interest exercise. According to single promotion representative CBRE, the unit has an overview cost of $11 million.
Bukit Timah Plaza is a mixed-use project that was finished in 1979. It remains on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Roadway. The development comprises a four-storey retail block and also two apartment blocks known as Sherwood Towers, with 269 property units.
Approaching projects consist of a spots 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 associates won the 3.22 ha site, situated at the joint of Upper Bukit Timah Road and Jalan Jurong Kechil, with a bid of $1.03 billion ($989 psf per plot ratio) in August 2021. The development will make up a retail podium, residential units, serviced apartments, and a new incorporated transport hub.
There is also an upcoming site under the 2H2022 GLS Program situated at Bukit Timah Link, which can yield 160 household units.