Bukit Timah Plaza Strata Restaurant Unit Sale 98 Mil After 12 Price Cut
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A 3,391 sq ft strata-titled unit with approval for restaurant use is now available for sale at Bukit Timah Plaza mall. The unit, situated in the basement two of the mall, boasts a 20m frontage facing the central plaza. CBRE’s executive director of capital markets, Clemence Lee, who is in charge of marketing the property, has listed the asking price at $9.8 million ($2,890 psf), which is a considerable 12% discount from the previous listing of $11 million in 3Q2022.
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, which means it still has a remaining lease of 50 years. This pricing is in line with the last two transactions for units in basement two, namely 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 caveats lodged.
Bukit Timah Plaza, a mixed-use development completed in 1979, consists of a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. The mall is one of the most popular in Bukit Timah, boasting a 44,000 sq ft Fairprice Finest supermarket, according to CBRE. The mall is conveniently located within walking distance of Beauty World and King Albert Park MRT stations and is surrounded by various private residential developments with an estimated population of 37,000 people.
The area is also home to many 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. Additionally, Bukit Timah Plaza is in close proximity to the rejuvenated Beauty World area, which features numerous new mixed-use and integrated developments, such as The Reserve Residences and the redevelopment of Bukit Timah Market and Food Centre, set to be completed in late 2029.
This 3,391 sq ft unit at Bukit Timah Plaza is now available for sale through an expression of interest on Mar 19. Be sure to check out the latest listings for Bukit Timah Plaza and Sherwood Towers properties.