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A 3,391 square feet strata-titled unit, which has been approved for restaurant use, has recently been listed for sale at Bukit Timah Plaza mall. The asking price for this property is $9.8 million, which translates to a rate of $2,890 per square foot. This reflects a 12% discount from the previous listing price of $11 million in the third quarter of 2022, according to Clemence Lee, CBRE’s executive director of capital markets, who is responsible for marketing the property.
The unit, located on the basement two level of the mall, boasts a 20-metre frontage facing the central plaza. According to Lee, the unit is currently fully leased and will be sold with its existing tenancy. With a 99-year lease from 1976, the unit still has a remaining lease of 50 years.
The pricing of this unit is consistent with the last two transactions that took place in basement two of the mall. In March 2024, a 441 square feet unit was sold for $1.43 million at a rate of $3,240 per square foot, while an 850 square feet unit was sold for $2.5 million at a rate of $2,940 per square foot, 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 a popular destination in Bukit Timah, featuring one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 square feet, notes CBRE.
Conveniently located at 1 Jalan Anak Bukit, the mall is within walking distance of Beauty World and King Albert Park MRT stations on the Downtown Line. It is also surrounded by numerous private residential developments, with an estimated population of approximately 37,000.
The mall is also in close proximity to various 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.
Bukit Timah Plaza is situated in the Beauty World area, which has been undergoing a rejuvenation with the addition of new mixed-use and integrated developments. These include the upcoming The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed by late 2029.
The unit is currently being offered for sale through an expression of interest, with the closing date set for March 19. Interested buyers can check out the latest listings for Bukit Timah Plaza and Sherwood Towers properties.