CBRE executive director of capital markets Clemence Lee is offering a 3,391 sq ft strata-titled unit for sale at Bukit Timah Plaza mall. The unit is suitable for restaurant use and is priced at $9.8 million ($2,890 psf) – a 12% discount from the previous list price of $11 million in 3Q2022.
Located in the basement two of the mall, the unit features a 20m frontage facing the central plaza. Lee adds that the unit is currently fully leased and will be sold with the existing tenancy. The unit has a 99-year lease from 1976, with a remaining lease of 50 years.
This pricing is consistent with the last two transactions for basement two units, including a 441 sq ft unit that sold for $1.43 million ($3,240 psf) in March 2024 and an 850 sq ft unit that fetched $2.5 million ($2,940 psf) based on caveats lodged.
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Bukit Timah Plaza, a mixed-use development completed in 1979, comprises a four-storey retail mall and two residential blocks with 269 units at Sherwood Towers. According to CBRE, the mall is one of the most popular in Bukit Timah, boasting one of the largest Fairprice Finest supermarkets spanning over 44,000 sq ft.
Located at 1 Jalan Anak Bukit, the mall is within walking distance of Beauty World and King Albert Park MRT stations on the Downtown Line. It is surrounded by many private residential developments, with an estimated population of 37,000. The area is also home to several 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.
Bukit Timah Plaza is in close proximity to the rejuvenated Beauty World area, which has seen an increase in new mixed-use, integrated developments, including the upcoming The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed in late 2029.
The unit is available for sale through an expression of interest on March 19. Interested parties can also check out the latest listings for properties at Bukit Timah Plaza and Sherwood Towers.