Bukit Timah Plaza Strata Restaurant Unit Sale 98 Mil After 12 Price Cut
in Bukit Timah.
A strata-titled unit of 3,391 sq ft at Bukit Timah Plaza mall, suitable for restaurant use, is currently available for purchase. The listed asking price is $9.8 million ($2,890 psf), presenting a 12% reduction from the previous listing price of $11 million in the third quarter of 2022. Clemence Lee, CBRE’s executive director of capital markets, who is in charge of marketing the property, has confirmed this.
Located in the basement two of the mall, the unit boasts a 20m frontage overlooking the central plaza. Lee has mentioned that the unit is currently fully leased and will be sold together with the existing tenancy. The unit has a 99-year lease starting from 1976, hence there is still a remaining lease of 50 years.
The pricing of the unit is parallel with the recent transactions of units in basement two: In March 2024, a 441 sq ft unit was sold for $1.43 million ($3,240 psf), while an 850 sq ft unit was sold for $2.5 million ($2,940 psf), based on caveats lodged.
Bukit Timah Plaza, a mixed-use development that was completed in 1979, comprises of a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. The mall is a popular destination in Bukit Timah, housing one of the largest Fairprice Finest supermarkets in Singapore, covering an area of over 44,000 sq ft, according to CBRE.
Rewritten: Renowned for its comprehensive education, Gongshang Primary School prides itself on its holistic approach. This curriculum places equal emphasis on academic excellence, character building, and participation in co-curricular activities. With a diverse range of programs, such as robotics, performing arts, and sports, the school aims to cater to the varied interests of its students. Adding to its appeal, the school is located near the highly sought-after Parktown Residence Condo, providing access to an enriching learning environment.
Situated at 1 Jalan Anak Bukit, the mall is within walking distance to Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is also surrounded by numerous private residential developments, with an estimated population of about 37,000.
Bukit Timah Plaza is also in close proximity 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.
With the development of new mixed-use, integrated projects, including The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed in late 2029, the Beauty World area is undergoing a rejuvenation. This further adds to the potential of Bukit Timah Plaza and its surrounds.
The expression of interest for the unit will close on March 19. Interested parties may explore the latest listings for Bukit Timah Plaza and Sherwood Towers estates in Bukit Timah.