A prime strata-titled unit spanning 3,391 sq ft and approved for restaurant use is now on the market at Bukit Timah Plaza mall. With an asking price of $9.8 million, or $2,890 psf, this reflects a 12% discount from the previous listing price of $11 million in 3Q2022, according to Clemence Lee, CBRE’s executive director of capital markets, who is marketing the property.
The unit, situated in the basement two of the mall, boasts a 20m frontage facing the central plaza. Fully leased at the moment, the unit is being sold with the existing tenancy. It has a 99-year lease from 1976, giving it a remaining lease of 50 years.
The current price is comparable to the last two basement two transactions: A 441 sq ft unit that was sold for $1.43 million ($3,240 psf) in March 2024 and an 850 sq ft unit that fetched $2.5 million ($2,940 psf), based on lodged caveats.
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. CBRE notes that the mall is one of the most popular destinations in Bukit Timah, home to one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft.
The mall is conveniently located within walking distance of Beauty World and King Albert Park MRT stations, and also surrounded by several private residential developments, with an estimated population of around 37,000. It is also in close proximity to well-respected 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.
Bukit Timah Plaza is situated in the vibrant Beauty World area, which is currently undergoing rejuvenation with the development of many new mixed-use, integrated projects. These include the upcoming The Reserve Residences, as well as the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed in late 2029.
The government’s property cooling measures play a crucial role in the decision to invest in a condo in Singapore. To maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a safer investment environment. In light of this, it is worth considering the latest new condo launches in Singapore as these properties are developed in line with the government’s regulations and policies, providing a more secure investment option.
The expression of interest for the unit will commence on Mar 19. Be sure to check out the latest listings for properties in Bukit Timah Plaza and Sherwood Towers.