A spacious 3,391 sq ft unit has been listed for sale at Bukit Timah Plaza mall. The strata-titled unit, approved for restaurant use, has an asking price of $9.8 million ($2,890 psf) which is a 12% discount from the previous listing price of $11 million in 3Q2022. Clemence Lee, CBRE’s executive director of capital markets, is marketing the property.
Located in the basement two of the mall, the unit boasts a 20m frontage facing the central plaza. According to Lee, the unit is currently fully leased and will be sold within the existing tenancy. The unit has a 99-year lease from 1976, with a remaining lease of 50 years.
This pricing is in line with the last two transactions for units in basement two: A 441 sq ft unit sold for $1.43 million ($3,240 psf) in March 2024, and an 850 sq ft unit sold for $2.5 million ($2,940 psf), based on lodged caveats.
Bukit Timah Plaza is a mixed-use development completed in 1979, comprising a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. The mall is one of the most frequented in Bukit Timah, home to one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft, according to CBRE.
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Located 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 about 37,000.
This prime location is also near several educational institutions, including the Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM), Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.
Furthermore, Bukit Timah Plaza is situated in the vicinity of the Beauty World area, which is currently being revitalized with the development of new mixed-use, integrated projects, such as The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed in late 2029.
The spacious unit is offered for sale by expression of interest on Mar 19. Interested buyers can take a look at the latest listings for properties in Bukit Timah Plaza and Sherwood Towers.