Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Upcoming properties consist of a landmark mixed-use property by Far East Organization and also 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 junction of Upper Bukit Timah Road and also Jalan Jurong Kechil, with a proposal of $1.03 billion ($989 psf per plot ratio) in August 2021. The property will consist of a commercial podium, property units, serviced flats, and a brand-new incorporated transport center.
To that end, he expects solid interest in the real estate from local and overseas buyers, consisting of high-net-worth buyers, family workplaces as well as owner-occupiers.
The real estate remains in Basement 2, facing the main central plaza of the retail facility. It has 20m frontage and a complete strata location of approximately 3,391 sq ft. It is presently completely rented.
A strata business unit with approval for diner usage at Bukit Timah Plaza is up for sale through an expression of interest exercise. According to single marketing representative CBRE, the unit has an overview rate of $11 million.
There is also an upcoming site under the 2H2022 GLS Programme situated at Bukit Timah Link, which can produce 160 property units.
Furthermore, Lee views that the renewal taking place in Beauty World will likely boost rental as well as capital appreciation for buildings in the area over the medium to long-term.
Bukit Timah Plaza is a mixed-use project that was finished in 1979. It sits on an island location bounded by the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Road. The property consists of a four-storey retail block as well as 2 flat blocks called Sherwood Towers, with 269 household units.
Clemence Lee, executive supervisor of capital markets, Singapore, at CBRE, mentions that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Financiers are aware that supply of strata-commercial properties will be limited in the future, as the authorities start to limit additional strata development of the commercial element of real estates located in vital central locations,” he includes.