.The retail landscape at Bukit Timah Plaza is about to change with a 3,391 sq ft strata-titled unit, zoned for restaurant use, up for grabs. The unit, located in the basement two of the popular shopping mall, is now on the market for $9.8 million ($2,890 psf). This is a significant discount from its previous listing price of $11 million in the third quarter of 2022, according to Clemence Lee, CBRE’s executive director of capital markets who is handling the sale.
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The unit is situated in a prime location with a 20m frontage facing the central plaza, making it easily visible to shoppers. Fully leased at the moment, the property will be sold with its existing tenancy, offering a steady stream of income for potential buyers. The unit has a 99-year lease from 1976, giving it a remaining lease of 50 years.
The asking price is consistent with the recent transactions in the basement two of the mall. In March 2024, a 441 sq ft unit was sold for $1.43 million ($3,240 psf), while an 850 sq ft unit fetched $2,5 million ($2,940 psf), based on the lodged caveats.
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. With one of the largest Fairprice Finest supermarkets in Singapore spanning over 44,000 sq ft, the mall is a popular destination in Bukit Timah, attracting both locals and tourists, according to CBRE.
The mall is conveniently located within walking distance of the Beauty World and King Albert Park MRT stations on the Downtown Line. It is also surrounded by numerous private residential developments, with an estimated population of about 37,000, making it a vibrant and bustling neighborhood.
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. This makes it an ideal location for businesses targeting the student population.
Furthermore, Bukit Timah Plaza is part of the rejuvenation plans for the Beauty World area, with new mixed-use and integrated developments in the pipeline. These include The Reserve Residences and the upcoming redevelopment of the former Bukit Timah Market and Food Centre, which is expected to be completed in late 2029.
The 3,391 sq ft strata-titled unit in Bukit Timah Plaza is currently being marketed for sale by expression of interest, with the closing date set for Mar 19. Interested parties can also check out other properties in the mall or Sherwood Towers through the latest listings.
The Sen Condo at De Souza Avenue by SL Capital offers luxurious living in the heart of Bukit Timah, just steps away from the popular Beauty World area. With its prime location, residents at The Sen can enjoy an array of amenities, including shopping, dining, and entertainment options. The Sen boasts modern and spacious units, designed with high-quality finishes and top-of-the-line appliances. The development also offers an abundance of luxurious facilities, such as a swimming pool, fitness center, and landscaped gardens. With The Sen, residents can experience a truly elevated and convenient lifestyle in one of Singapore’s most sought-after neighborhoods.