Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Clemence Lee, executive director of resources markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Financiers know that supply of strata-commercial properties will certainly be limited in the future, as the authorities start to restrict additional strata community of the business component of real estates situated in vital central locations,” he adds.
The property is in Basement 2, crossing the main central plaza of the retail facility. It has 20m frontage and a complete strata area of roughly 3,391 sq ft. It is presently completely leased.
A strata industrial unit with approval for restaurant use at Bukit Timah Plaza is up for sale by means of an expression of interest exercise. According to sole marketing representative CBRE, the unit has an overview price of $11 million.
Forthcoming projects 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 Jalan Jurong Kechil, with a proposal of $1.03 billion ($989 psf per plot ratio) in August 2021. The development will certainly comprise a retail podium, property units, serviced condominiums, and also a new incorporated transportation center.
Additionally, Lee views that the rejuvenation occurring in Beauty World will likely enhance rental as well as resources appreciation for real estates in the location over the medium to long-term.
Bukit Timah Plaza is a mixed-use project that was finished in 1979. It rests on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Road. The development makes up a four-storey retail block and two apartment blocks referred to as Sherwood Towers, with 269 household units.
To that end, he anticipates solid attraction in the building from local and also foreign buyers, consisting of high-net-worth buyers, family offices and also owner-occupiers.
There is likewise an upcoming site under the 2H2022 GLS Program situated at Bukit Timah Link, which can produce 160 housing units.