An opportunity to own a 3,391 sq ft strata-titled unit has arisen at Bukit Timah Plaza mall. The unit, which is approved for restaurant use, is being put up for sale at an asking price of $9.8 million ($2,890 psf). This is a 12% discount from its previous listing price of $11 million in 3Q2022. According to Clemence Lee, CBRE’s executive director of capital markets, who is marketing the property, the price reflects the current market conditions.
This spacious unit is situated in the basement two of the mall and boasts a 20m frontage facing the central plaza. It is currently fully leased and will be sold within the existing tenancy. The unit has a 99-year leasehold from 1976, giving it a remaining lease of 50 years. This offering presents a unique opportunity for investors to acquire a prime property with a long-term lease.
The pricing for the unit is in line with recent transactions for units in basement two of the mall. In March 2024, a 441 sq ft unit changed hands for $1.43 million ($3,240 psf), and an 850 sq ft unit fetched $2.5 million ($2,940 psf). This was based on caveats lodged.
Bukit Timah Plaza is a mixed-use development completed in 1979. It comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. The mall is one of the most visited in Bukit Timah, housing one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft. This makes it an attractive location for businesses and ensures a steady stream of foot traffic for the retail outlets.
Bukit Timah Plaza is located at 1 Jalan Anak Bukit and is within walking distance of Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is surrounded by numerous private residential developments, with an estimated population of around 37,000. The area is also home to notable educational institutions such as the Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM), Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.
The mall is in close proximity to the bustling Beauty World area, which is currently undergoing rejuvenation with the development of several new mixed-use, integrated developments. These include The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, which is expected to be completed in late 2029. This makes Bukit Timah Plaza an ideal location for businesses seeking to establish a presence in an up-and-coming area.
To sum up, purchasing a condominium in Singapore presents a multitude of benefits. These include a high demand for properties, potential for an increase in value, and attractive rental rates. However, it is crucial to take into consideration various factors such as location, financing options, government regulations, and market conditions before making a decision. Through thorough research and seeking assistance from professionals, investors can make well-informed choices and maximize their returns in Singapore’s thriving real estate market. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment, the new condo launches in Singapore offer a promising opportunity. Don’t miss out on this enticing prospect by staying updated with New Condo Launches.
The unit is being offered for sale through an expression of interest that is set to close on Mar 19. This presents a time-sensitive opportunity for interested parties to acquire a prime property at a discounted price. Interested buyers can visit our website to view the latest listings for Bukit Timah Plaza and the nearby Sherwood Towers properties.