Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Upcoming properties include 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 partners won the 3.22 ha site, based at the joint of Upper Bukit Timah Road and Jalan Jurong Kechil, with an offer of $1.03 billion ($989 psf per plot ratio) in August 2021. The project will certainly make up a commercial podium, residential units, serviced apartments, and a new incorporated transport center.
The building remains in Basement Two, crossing the primary central plaza of the retail facility. It has 20m frontage and a total strata location of roughly 3,391 sq ft. It is currently totally leased.
Furthermore, Lee sights that the renewal taking place in Beauty World will likely improve hire as well as resources appreciation for real estates in the location over the medium to long-term.
A strata commercial unit with approval for eating 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 a guide cost of $11 million.
Clemence Lee, executive director of funding markets, Singapore, at CBRE, marks that strata-commercial units within the Beauty World sub-precinct are restricted in supply. “Financiers realize that supply of strata-commercial residences will certainly be limited in the future, as the authorities start to limit further strata subdivision of the industrial component of properties situated in vital central areas,” he includes.
There is additionally an upcoming site under the 2H2022 GLS Programme situated at Bukit Timah Link, which can produce 160 housing units.
Bukit Timah Plaza is a mixed-use development that was finished in 1979. It sits on an island site 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 two residence blocks called Sherwood Towers, with 269 household units.
Therefore, he prepares for solid attraction in the property from local and also foreign buyers, consisting of high-net-worth buyers, family offices and also owner-occupiers.