Strata commercial unit at Bukit Timah Plaza for sale at $11 mil

A strata business unit favorably for diner use at Bukit Timah Plaza is up for sale using an expression of interest exercise. According to sole marketing representative CBRE, the unit has a guide rate of $11 million.

There is likewise an upcoming site under the 2H2022 GLS Programme located at Bukit Timah Link, which can generate 160 house units.

Bukit Timah Plaza is a mixed-use property that was completed in 1979. It remains on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit as well as Upper Bukit Timah Road. The project makes up a four-storey retail block and two condo blocks referred to as Sherwood Towers, with 269 household units.

To that end, he anticipates strong attraction in the building from local area and international buyers, consisting of high-net-worth buyers, household workplaces and also owner-occupiers.

Copen Grand condo floor plan

Clemence Lee, executive director of capital markets, Singapore, at CBRE, marks that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Financiers know that supply of strata-commercial residences will certainly be restricted in the future, as the authorities begin to restrict further strata subdivision of the industrial element of real estates found in key main locations,” he adds.

Approaching projects consist of a spots mixed-use development by Far East Organization and also Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture associates won the 3.22 ha site, located at the junction of Upper Bukit Timah Road and also Jalan Jurong Kechil, with a price of $1.03 billion ($989 psf per plot ratio) in August 2021. The development will consist of a commercial podium, property units, serviced flats, and also a brand-new incorporated transport hub.

The property is in Basement Two, crossing the primary central plaza of the retail facility. It has 20m frontage as well as a complete strata location of roughly 3,391 sq ft. It is presently totally rented.

In addition, Lee sights that the restoration taking place in Beauty World will likely increase rental and resources appraisal for real estates in the location over the medium to long-term.

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