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The opportunity to own a prime strata-titled unit in Bukit Timah Plaza mall is now available. This 3,391 sq ft space, approved for restaurant use, is being put up for sale at an asking price of $9.8 million ($2,890 psf). This reflects a 12% discount from the previous listing price of $11 million in 3Q2022. CBRE’s executive director of capital markets, Clemence Lee, is the marketing agent for the property.
Situated in the mall’s basement two level, this unit boasts a 20m frontage facing the central plaza. According to Lee, the unit is currently fully leased and will be sold with the existing tenancy in place. It comes with a 99-year lease starting from 1976, which means there is still 50 years remaining on the lease.
The price for this unit is in line with the recent transactions for units in the mall’s basement two level. In March 2024, a 441 sq ft unit was sold for $1.43 million ($3,240 psf), followed by an 850 sq ft unit that fetched $2.5 million ($2,940 psf). These transactions were based on the caveats lodged.
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It comprises a four-storey retail mall and two apartment blocks, with 269 residential units at Sherwood Towers. This mall is one of the most popular destinations in Bukit Timah, thanks to its large Fairprice Finest supermarket, which spans over 44,000 sq ft, according to CBRE.
Strategically located at 1 Jalan Anak Bukit, the mall is within walking distance of Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. Bukit Timah Plaza also has a large catchment area, with an estimated 37,000 residents living in the surrounding private residential developments.
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Moreover, this location is ideal for students as it is near several prestigious educational institutions such as Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM), Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.
Bukit Timah Plaza is also part of the rejuvenation efforts in the Beauty World area. This prime location will soon welcome new mixed-use, integrated developments, such as 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 unit is now available for sale through an expression of interest exercise that will take place on March 19. Don’t miss out on this opportunity to own a prime strata-titled unit in Bukit Timah Plaza or Sherwood Towers. Check out the latest listings for these properties today.