A 3,391 square feet unit with strata-titled ownership and approval for restaurant use has been listed for sale at Bukit Timah Plaza mall. The asking price is set at $9.8 million ($2,890 per square foot), representing a 12% discount from the previous listing price of $11 million during the third quarter of 2022, according to Clemence Lee, CBRE’s executive director of capital markets, who is in charge of marketing the property.
The unit is located in the basement two level of the mall, with a 20-meter frontage facing the central plaza. Lee states that the unit is currently fully leased and will be sold with the existing tenancy agreement. The unit has a 99-year lease from 1976, meaning there is still 50 years remaining on the lease.
This pricing is aligned with the last two transactions for units in basement two: a 441 square feet unit that was sold for $1.43 million ($3,240 per square foot) in March 2024 and an 850 square feet unit that was purchased for $2.5 million ($2,940 per square foot), based on recorded caveats.
Bukit Timah Plaza is a mixed-use development completed in 1979, consisting of a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. CBRE reports that the mall is one of the most visited in Bukit Timah, boasting the largest Fairprice Finest supermarket in Singapore, spanning over 44,000 square feet.
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Situated at 1 Jalan Anak Bukit, the mall is within walking distance of 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 around 37,000 people.
Bukit Timah Plaza is also near several 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.
The mall is located in the Beauty World area, which is currently undergoing a rejuvenation with the development of many 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, expected to be completed in late 2029.
The unit at Bukit Timah Plaza is available for sale through expression of interest on March 19. Interested buyers can check out the latest listings for properties at Bukit Timah Plaza and Sherwood Towers.