Clemence Lee, CBRE’s executive director of capital markets, is currently marketing a strata-titled unit at Bukit Timah Plaza mall with an asking price of $9.8 million ($2,890 psf). This reflects a 12% discount from the previous listing price of $11 million in 3Q2022.
Situated in the basement two of the mall, the 3,391 sq ft unit is approved for restaurant use and has a 20m frontage facing the central plaza. Lee mentions that the unit is already fully leased and will be sold within the existing tenancy. It comes with a 99-year lease from 1976, giving it a remaining lease of 50 years.
The pricing for this unit is in line with the last two transactions for units in the same basement two area: 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 caveats lodged.
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. It is known to be one of the most popular malls in Bukit Timah, with one of the largest Fairprice Finest supermarkets in Singapore, covering an impressive 44,000 sq ft, according to CBRE.
The mall is conveniently located within walking distance of Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is also surrounded by many private residential developments, with an estimated population of about 37,000.
Additionally, the mall is in close proximity to several reputable 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.
The area around Bukit Timah Plaza is currently undergoing a rejuvenation, with many new mixed-use, integrated developments in the works. These include the upcoming The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, set to be completed by late 2029.
Interested buyers can express their interest in this unit starting from March 19. Don’t miss out on the chance to own a premium property in Bukit Timah Plaza and Sherwood Towers. Check out the latest listings for these properties today.