Bukit Timah Plaza Strata Restaurant Unit Sale 98 Mil After 12 Price Cut
A 3,391 square foot unit at Bukit Timah Plaza mall, with strata-titled approval for a restaurant, is now on the market for $9.8 million. This asking price reflects a 12% discount from the previous listing price of $11 million in 3Q2022. CBRE’s executive director of capital markets, Clemence Lee, is handling the sale of the property.
The unit, located in the mall’s basement two level, boasts a 20-meter frontage facing the central plaza. Lee reports that the unit is currently fully occupied and will be sold with existing tenancy in place. With a 99-year lease from 1976, the unit has a remaining lease of 50 years.
The current pricing aligns with two recent transactions in basement two: a 441 square foot unit that sold for $1.43 million ($3,240 psf) in March 2024, and an 850 square foot unit that fetched $2.5 million ($2,940 psf).
Bukit Timah Plaza, a mixed-use development completed in 1979, includes a four-story retail mall and two apartment blocks comprising 269 residential units at Sherwood Towers. CBRE notes that the mall is one of the busiest in Bukit Timah, thanks in part to its 44,000 square foot Fairprice Finest supermarket.
Conveniently 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 also surrounded by numerous 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 sits within the rapidly developing Beauty World area, where several new mixed-use and integrated developments are in the works, including the upcoming Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, which is expected to be completed in late 2029.
The unit is currently up for sale through an expression of interest, with the deadline set for March 19. Interested parties can check out the latest listings for Bukit Timah Plaza and Sherwood Towers properties.
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