A 3,391 square feet strata-titled unit in the popular Bukit Timah Plaza mall is now on the market. The unit is approved for restaurant use and is currently being offered for $9.8 million, which translates to $2,890 per square foot. This reflects a 12% discount from the previous listing price of $11 million in the third quarter of 2022, according to Clemence Lee, executive director of capital markets at CBRE, the real estate firm handling the sale.
The unit, located in the basement two of the mall, boasts a 20-metre frontage facing the central plaza. Lee adds that the unit is currently fully leased and will be sold with the existing tenancy. The unit has a 99-year lease that began in 1976, which means it still has 50 years left on the lease.
The pricing is in line with the last two transactions for units in basement two, which include a 441 square feet unit that sold for $1.43 million (equivalent to $3,240 per square foot) in March 2024 and an 850 square feet unit that fetched $2.5 million (equivalent to $2,940 per square foot), based on the caveats lodged.
Bukit Timah Plaza, a mixed-use development completed in 1979, comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. According to CBRE, the mall is one of the most visited in the Bukit Timah area and houses one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 square feet.
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Situated at 1 Jalan Anak Bukit, the mall is conveniently located within walking distance of both Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is also surrounded by many private residential developments, with an estimated population of approximately 37,000.
The mall is also in close proximity to several educational institutions, including the Singapore Institute of Technology, Singapore Institute of Management, Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.
The surrounding Beauty World area is currently undergoing a rejuvenation, with the development of new mixed-use and integrated projects. These include the upcoming The 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 now available for sale through an expression of interest, with the deadline set for March 19. Interested buyers can also check out other listings for properties in Bukit Timah Plaza and Sherwood Towers.