Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Clemence Lee, executive director of capital markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are restricted in supply. “Financiers are aware that supply of strata-commercial assets will certainly be limited in the future, as the authorities begin to limit more strata development of the business part of properties located in key central locations,” he includes.
Therefore, he anticipates strong interest in the real estate from local and overseas buyers, involving high-net-worth buyers, household workplaces as well as owner-occupiers.
A strata industrial unit favorably for dining establishment usage at Bukit Timah Plaza is up for sale via an expression of interest exercise. According to single promotion agent CBRE, the unit has an overview rate of $11 million.
Approaching projects include a spots mixed-use project 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, positioned at the junction 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 property will consist of a business podium, housing units, serviced flats, and a brand-new integrated transportation center.
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 Road. The project makes up a four-storey retail block as well as two condominium blocks called Sherwood Towers, with 269 household units.
There is likewise an upcoming site under the 2H2022 GLS Programme located at Bukit Timah Link, which can yield 160 housing units.
The real estate remains in Basement Two, crossing the major central plaza of the retail facility. It has 20m frontage as well as a complete strata area of around 3,391 sq ft. It is currently totally leased.
Additionally, Lee sights that the restoration taking place in Beauty World will likely improve hire and also funding appreciation for real estates in the area over the medium to long-term.