Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
A strata industrial unit with approval for eating establishment usage at Bukit Timah Plaza is up for sale using an expression of interest exercise. According to sole promotion representative CBRE, the unit has a guide cost of $11 million.
Future properties consist of a site mixed-use property by Far East Organization and also Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture partners won the 3.22 ha site, based 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 project will certainly make up a retail podium, property units, serviced condominiums, and also a new integrated transportation center.
The building is in Basement 2, crossing the major central plaza of the retail complex. It has 20m frontage as well as a complete strata area of around 3,391 sq ft. It is presently fully rented.
On top of that, Lee views that the rejuvenation happening in Beauty World will likely enhance rental as well as resources appraisal for real estates in the location over the medium to long term.
There is additionally an upcoming site under the 2H2022 GLS Programme located at Bukit Timah Link, which can produce 160 housing units.
Clemence Lee, executive director of funding markets, Singapore, at CBRE, mentions that strata-commercial units within the Beauty World sub-precinct are reduced in supply. “Investors are aware that supply of strata-commercial assets will certainly be restricted in the future, as the authorities begin to limit more strata development of the industrial component of properties found in vital main areas,” he adds.
To that end, he anticipates solid attraction in the real estate from local and international buyers, involving high-net-worth buyers, home offices as well as owner-occupiers.
Bukit Timah Plaza is a mixed-use development 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 Road. The development comprises a four-storey retail block and also two condo blocks known as Sherwood Towers, with 269 property units.
