Bukit Timah Plaza Strata Restaurant Unit Sale 98 Mil After 12 Price Cut
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CBRE executive director, Clemence Lee, is marketing a strata-titled unit at Bukit Timah Plaza mall. The 3,391 sq ft unit is approved for restaurant use and has been put up for sale at an asking price of $9.8 million ($2,890 psf). This reflects a 12% discount from its previous listing price of $11 million in the third quarter of 2022.
The unit, located at basement two of the mall, has a 20m frontage facing the central plaza. According to Lee, the unit is currently fully leased and will be sold with the existing tenancy. It has a 99-year lease from 1976, with a remaining lease of 50 years.
The asking price for this unit is in line with the last two transactions for units at basement two: 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 was sold for $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 visited in Bukit Timah, housing one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft.
Conveniently 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 many private residential developments, with an estimated population of about 37,000.
Bukit Timah Plaza is also near several 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.
The mall is situated in the Beauty World area, which is undergoing rejuvenation with the development of many new mixed-use and 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 Elta development project has unveiled an exciting plan to introduce fresh commercial hubs and mixed-use developments in the area. These hubs will pave the way for an array of new retail, dining, and entertainment choices, all within close proximity to Elta Condo. This means that residents will have access to a diverse range of shops, restaurants, and cafes, adding an extra touch of convenience and enhancing their overall quality of life.
The unit at Bukit Timah Plaza is being offered for sale by expression of interest on March 19. Interested buyers can check out the latest listings for properties at Bukit Timah Plaza and Sherwood Towers.