Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
The building is in Basement 2, crossing the main central plaza of the retail complex. It has 20m frontage and an overall strata area of approximately 3,391 sq ft. It is presently totally leased.
Clemence Lee, executive supervisor of funding markets, Singapore, at CBRE, marks that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Capitalists realize that supply of strata-commercial assets will be restricted in the future, as the authorities begin to limit more strata neighborhood of the business part of houses situated in crucial central areas,” he adds.
There is additionally an upcoming site under the 2H2022 GLS Programme situated at Bukit Timah Link, which can yield 160 residential units.
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It remains on an island location bounded by the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Road. The development makes up a four-storey retail block as well as 2 apartment blocks called Sherwood Towers, with 269 property units.
Therefore, he expects strong interest in the real estate from local area as well as foreign buyers, including high-net-worth individuals, household workplaces as well as owner-occupiers.
Upcoming properties consist of a site mixed-use property by Far East Organization as well as Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture partners won the 3.22 ha site, positioned at the junction of Upper Bukit Timah Road as well as Jalan Jurong Kechil, with a quote of $1.03 billion ($989 psf per plot ratio) in August 2021. The property will certainly comprise a business podium, property units, serviced flats, as well as a brand-new incorporated transportation hub.
In addition, Lee views that the rejuvenation happening in Beauty World will likely increase hire as well as resources appreciation for properties in the area over the medium to long-term.
A strata commercial unit favorably for diner use at Bukit Timah Plaza is up for sale by means of an expression of interest exercise. According to sole promotion agent CBRE, the unit has a guide cost of $11 million.