SINGAPORE (EDGEPROP) - A strata commercial unit with approval for restaurant usage at Bukit Timah Plaza is up for sale via an expression of interest exercise. According to sole marketing agent CBRE, the unit has a guide price of $11 million.

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The property is in Basement Two, facing the main central plaza of the retail complex. It has 20m frontage and a total strata area of approximately 3,391 sq ft. It is currently fully leased.

Bukit Timah Plaza is a mixed-use development that was completed in 1979. It sits on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Road. The development comprises a four-storey retail block and two apartment blocks known as Sherwood Towers, with 269 residential units.

Clemence Lee, executive director of capital markets, Singapore, at CBRE, notes that strata-commercial units within the Beauty World sub-precinct are limited in supply. “Investors are aware that supply of strata-commercial properties will be limited in the future, as the authorities begin to restrict further strata subdivision of the commercial component of properties located in key central areas,” he adds. (Find Singapore commercial properties with our commercial directory)

To that end, he anticipates strong interest in the property from local and foreign buyers, including high-net-worth individuals, family offices and owner-occupiers.

In addition, Lee views that the rejuvenation happening in Beauty World will likely boost rental and capital appreciation for properties in the area over the medium to long term.

Upcoming projects include a landmark mixed-use development by Far East Organization and Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture partners won the 3.22ha site, located at the junction of Upper Bukit Timah Road and Jalan Jurong Kechil, with a bid of $1.03 billion ($989 psf per plot ratio) in August 2021. The development will comprise a commercial podium, residential units, serviced apartments, and a new integrated transport hub.

There is also an upcoming site under the 2H2022 GLS Programme located at Bukit Timah Link, which can yield 160 residential units.

Check out the latest listings near Bukit Timah Plaza, Bukit Timah Link