A prime commercial property at Bukit Timah Plaza is now on the market. With a strata-titled unit of 3,391 square feet, approved for restaurant use, this property presents an excellent investment opportunity. The asking price for this unit is $9.8 million, which translates to $2,890 per square foot, offering a 12% discount from the previous listing price of $11 million in 3Q2022. This property is being marketed by Clemence Lee, CBRE’s executive director of capital markets.
Located in the basement two of the mall, this unit stands out with its 20-meter frontage, facing the central plaza. Currently, fully leased, the unit will be sold with the existing tenancy. The unit has a 99-year lease from 1976, providing a remaining lease of 50 years.
The pricing for this unit is in line with the last two transactions for units in basement two. In March 2024, a 441 square feet unit changed hands for $1.43 million, which translates to $3,240 per square foot. An 850 square feet unit was sold for $2.5 million, or $2,940 per square foot. These transactions were based on the caveats lodged.
Bukit Timah Plaza was completed in 1979 and consists of a four-story retail mall and two apartment blocks. The apartment blocks, known as Sherwood Towers, have a total of 269 residential units. This mixed-use development is one of the most popular destinations in Bukit Timah, as it houses the largest Fairprice Finest supermarket in Singapore, spanning over 44,000 square feet, according to CBRE.
The mall is conveniently located within walking distance of two MRT stations, the Beauty World and King Albert Park MRT Stations, on the Downtown Line. It is also surrounded by several private residential developments, with an estimated population of 37,000 people. The area is also home to various 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.
When it comes to property ownership in Singapore, it is crucial for foreign investors to have a clear understanding of the regulations and limitations that may apply. In Singapore, foreigners have relatively relaxed restrictions when it comes to purchasing condos, unlike landed properties that have more stringent ownership rules. However, it’s worth noting that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property purchase. Despite the added expense, the stability and potential for growth in the Singapore real estate market remain a strong draw for foreign investments. This is especially true for those looking to invest in a Singapore condo.
Bukit Timah Plaza is situated in the Beauty World area, which is undergoing a rejuvenation process with the development of new mixed-use, integrated projects. These include The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed in late 2029.
This unit is currently open for sale through an expression of interest, starting on Mar 19. Please check out our latest listings for more information on Bukit Timah Plaza and Sherwood Towers properties.