Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Clemence Lee, executive supervisor of funding markets, Singapore, at CBRE, mentions that strata-commercial units within the Beauty World sub-precinct are reduced in supply. “Investors are aware that supply of strata-commercial assets will certainly be limited in the future, as the authorities begin to limit further strata development of the commercial component of properties located in essential main locations,” he includes.
There is also an upcoming site under the 2H2022 GLS Program situated at Bukit Timah Link, which can produce 160 house units.
Additionally, Lee views that the restoration taking place in Beauty World will likely improve hire as well as capital appraisal for buildings in the location over the medium to long-term.
A strata business unit favorably for restaurant use at Bukit Timah Plaza is up for sale through an expression of interest exercise. According to sole advertising representative CBRE, the unit has a guide cost of $11 million.
Forthcoming projects include a spots mixed-use property by Far East Organization and also 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 joint of Upper Bukit Timah Road and Jalan Jurong Kechil, with a price of $1.03 billion ($989 psf per plot ratio) in August 2021. The development will make up a commercial podium, property units, serviced condominiums, as well as a new integrated transport center.
Bukit Timah Plaza is a mixed-use development that was finished in 1979. It remains on an island location bounded by the Pan-Island Expressway, Jalan Anak Bukit and also Upper Bukit Timah Road. The property comprises a four-storey retail block and two condominium blocks known as Sherwood Towers, with 269 property units.
The building is in Basement Two, crossing the major central plaza of the retail facility. It has 20m frontage and also a total strata area of around 3,391 sq ft. It is presently totally rented.
To that end, he prepares for strong attraction in the real estate from local and also overseas buyers, involving high-net-worth buyers, family workplaces and also owner-occupiers.