Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Upcoming projects consist of a spots mixed-use project by Far East Organization and 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 joint of Upper Bukit Timah Road and also Jalan Jurong Kechil, with an offer of $1.03 billion ($989 psf per plot ratio) in August 2021. The development will comprise a retail podium, housing units, serviced flats, as well as a new incorporated transportation hub.
To that end, he anticipates solid interest in the real estate from local area and overseas buyers, involving high-net-worth individuals, family workplaces and also owner-occupiers.
There is also an upcoming site under the 2H2022 GLS Programme situated at Bukit Timah Link, which can yield 160 housing units.
The real estate remains in Basement 2, crossing the main central plaza of the retail complex. It has 20m frontage and also a complete strata area of around 3,391 sq ft. It is presently fully leased.
Clemence Lee, executive director of funding markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are reduced in supply. “Capitalists know that supply of strata-commercial equities will certainly be limited in the future, as the authorities start to restrict further strata development of the industrial component of houses found in key main locations,” he includes.
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 also Upper Bukit Timah Roadway. The development makes up a four-storey retail block as well as two residence blocks referred to as Sherwood Towers, with 269 household units.
A strata industrial unit favorably for dining establishment usage at Bukit Timah Plaza is up for sale through an expression of interest exercise. According to sole promotion agent CBRE, the unit has a guide price of $11 million.
In addition, Lee views that the renewal taking place in Beauty World will likely increase rental as well as capital appraisal for real estates in the area over the medium to long-term.