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CBRE’s Executive Director of Capital Markets, Clemence Lee, has listed a 3,391 sq ft strata-titled unit for sale at Bukit Timah Plaza, with approval for restaurant use. The asking price is $9.8 million, or $2,890 per square foot (psf), which represents a 12% discount from the previous listing price of $11 million in the third quarter of 2022.
Situated in the basement two of the mall, the unit boasts a 20-meter frontage facing the central plaza. According to Lee, the unit is currently fully leased and will be sold with the existing tenancy. The unit has a 99-year lease from 1976, giving it a remaining lease of 50 years.
The pricing is in line with the last two transactions for units in basement two: A 441 sq ft unit was sold for $1.43 million ($3,240 psf) in March 2024, while an 850 sq ft unit was sold for $2.5 million ($2,940 psf), based on caveats lodged.
Bukit Timah Plaza, completed in 1979, is a mixed-use development that comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. It is one of the most popular malls in the Bukit Timah area, thanks to its spacious Fairprice Finest supermarket, which covers over 44,000 sq ft, according to CBRE.
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.
The mall is also near several top 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.
Bukit Timah Plaza is located in the Beauty World area, which is undergoing a revitalization with the development of several 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 unit is being offered for sale through expression of interest on Mar 19. Check out the latest listings for Bukit Timah Plaza and Sherwood Towers properties for more information.