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An opportunity to purchase a 3,391 sq ft strata-titled unit in Bukit Timah Plaza mall has arisen as it is now on the market. Approved for restaurant use, this unit is being sold for $9.8 million, which translates to a unit price of $2,890 psf. This represents a 12% discount from the previous listing price of $11 million in the third quarter of 2022. According to Clemence Lee, CBRE’s executive director of capital markets, who is handling the sale of the property, this is a great deal.
The unit, located in the basement two of the mall, boasts a 20m frontage facing the central plaza. It is currently fully leased and will be sold with the existing tenancy. The unit has a 99-year lease starting from 1976, meaning it still has a remaining lease of 50 years.
The pricing of the unit is in line with recent transactions in the basement two of the mall. In March 2024, a 441 sq ft unit was sold for $1.43 million, which equates to $3,240 psf. In addition, an 850 sq ft unit was also sold for $2,5 million, resulting in a unit price of $2,940 psf. This information is based on caveats lodged.
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It comprises of a four-storey retail mall and two apartment blocks with 269 residential units known as Sherwood Towers. The mall is a popular destination in Bukit Timah, boasting one of the largest Fairprice Finest supermarkets in Singapore, which spans over 44,000 sq ft, according to CBRE.
Conveniently located at 1 Jalan Anak Bukit, the mall is within walking distance of both Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. Additionally, it is surrounded by a plethora of private residential developments, with an estimated population of approximately 37,000.
The mall is also in close proximity to 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.
Moreover, Bukit Timah Plaza is situated in the flourishing Beauty World area, which is witnessing an influx of new mixed-use and integrated developments. These include The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed in late 2029.
This strata-titled unit is being offered for sale through an expression of interest on Mar 19. For more listings of properties in Bukit Timah Plaza and Sherwood Towers, be sure to check out our latest offerings.