Freehold mixed-use development site at Bukit Timah for sale at $118 mil

The site, spanning 18,512 sq ft, is zoned for both commercial and residential use. (Photo: Cushman & Wakefield)

A freehold mixed-use development site along Bukit Timah and Duke’s Road has been put up for sale via an expression of interest with an indicative price of $118 million, according to exclusive marketing agent Cushman & Wakefield (C&W).

The site, spanning 18,512 sq ft, was recently enlarged following the vendor’s acquisition of an adjoining remnant state land. It is zoned for both commercial and residential use under the URA Master Plan 2025.

According to C&W, the site has obtained written permission for a five-storey mixed-use development comprising two storeys with a mezzanine for commercial use and three storeys with an attic for residential units above. This includes six strata commercial units approved for F&B use, along with 30 residential units on the upper floors.

Based on redevelopment to the maximum plot ratio of 3.0, the indicative price of $118 million translates to about $2,193 psf per plot ratio.

The existing property is a fully leased four-storey mixed-use development, with four retail and F&B tenants on the ground floor and a co-living operator occupying the upper levels. Current tenants include Atlas Coffeehouse, Hello Arigato and The Assembly Place.

Located in prime District 10, the property is surrounded by good class bungalow enclaves, landed homes and condos. It is close to Botanic Gardens MRT Interchange, which serves the Circle and Downtown Lines, and within 1km of schools such as Nanyang Primary School and Raffles Girls’ Primary School.

Nearby amenities also include Adam Road Food Centre, Serene Centre, Cluny Court and Coronation Plaza.

Shaun Poh, executive director of capital markets at C&W, says: “There is a dearth of new retail/F&B developments in the area.” He notes that transactions in older freehold strata developments, such as Coronation Shopping Plaza and Holland Road Shopping Centre, have consistently transacted at $4,000 to $5,000 psf.

“The brand-new freehold strata retail and F&B units in this development will offer incoming purchasers a unique opportunity to establish a presence in this highly sought-after area,” says Poh. He adds that investors may alternatively retain the property as an income-generating asset while land-banking for future redevelopment potential.