A 3,391 square foot unit located in the strata-titled section of Bukit Timah Plaza mall has recently been listed for sale. The unit, which has been approved for restaurant use, is being offered at a price of $9.8 million or $2,890 per square foot. This reflects a discounted rate of 12% from the previous listing price of $11 million in the third quarter of 2022. Clemence Lee, the executive director of capital markets at CBRE, is handling the sale of the property.
The unit is situated in the mall’s basement two level and boasts a 20-meter frontage that faces the central plaza. Lee reports that the unit is currently fully occupied and will be sold with the current tenants in place. The unit has a 99-year lease starting from 1976, which means it still has 50 years remaining on its lease.
The asking price for this unit is consistent with the prices of the last two transactions in basement two of the mall. In March 2024, a 441 square foot unit sold for $1.43 million or $3,240 per square foot. Additionally, an 850 square foot unit sold for $2.5 million or $2,940 per square foot, based on caveats that were lodged.
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It consists of a four-storey retail mall and two apartment blocks with a total of 269 residential units at Sherwood Towers. According to CBRE, the mall is one of the most popular destinations in Bukit Timah and is home to one of the largest Fairprice Finest supermarkets in Singapore, covering an area of over 44,000 square feet.
The mall is conveniently located within walking distance of Beauty World and King Albert Park MRT stations on the Downtown Line. It also has a large catchment area, with an estimated population of about 37,000 due to its close proximity to many private residential developments. Additionally, the mall is surrounded by various educational institutions such as the Singapore Institute of Technology, Singapore Institute of Management, Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.
Bukit Timah Plaza is part of the ongoing rejuvenation of the Beauty World area, with many new mixed-use and 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 by late 2029.
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Interested buyers can submit expressions of interest for the unit starting on March 19. To see more properties available at Bukit Timah Plaza and Sherwood Towers, please check out the latest listings.