Bukit Timah Plaza is up for sale at a guide price of $11 mil for a strata commercial unit

A commercial strata unit that has permission to use it for restaurants in Bukit Timah Plaza has been put up for sale through the expression of interest. According to the sole marketing agency CBRE the unit is offered at a an estimated cost of around $11 million.

Terra Hill condominium development will feature around 271 units to benefit from its strategic location on a unique hillside plot offering its residents a spectacular view to the south.

The property is located in Basement Two that faces the central plaza of this retail development. It is fronted by 20m and has an area totalling about 3,391 square feet. It is currently completely leaseable.

Bukit Timah Plaza is a mixed-use development which was completed in the year 1979. It is situated at the end of an island site that is bordered with the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Road. This development is made up of retail block as well as two apartment blocks , dubbed Sherwood Towers and Sherwood Towers, which comprise 269 units of residential homes.

Clemence Lee Clemence Lee, Clemence Lee, executive director for capital markets Singapore Clemence Lee, executive director of capital markets, Singapore at CBRE is aware that strata-commercial properties within the Beauty World sub-precinct are limited in terms of availability. “Investors recognize that the supply of commercial strata properties will be restricted in the near future, when authorities start to limit further strata subdivisions of commercial components of properties that are located in the central locations,” he adds.

In this regard there is a lot of enthusiasm for the property from foreign and local buyers, including wealthy individuals, family offices , and owner-occupiers.

Additionally, Lee views that the revitalization taking place within Beauty World will likely boost the capital appreciation and rental rates for properties in the region over the long-term to medium term.

The upcoming projects include a landmark mixed-use development being developed by Far East Organization and Sino Group on Sino Group’s Jalan Anak Bukit Government Land Sales (GLS) site. The joint venture partners were awarded this 3.22ha site, located at the intersection between Upper Bukit Timah Road and Jalan Jurong Kechil, with the bid for $1.03 billion ($989 per square foot, per plot proportion) on August 21, 2021. The development will consist of an office tower and residential units, as well as serviced apartments and an upgraded transport hub.

There’s also an upcoming site in the 2H2022 GLS Program located in Bukit Timah Link. This will produce the equivalent of 160 housing units.