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SRI noted that the property’s strata area includes 12 accessory carpark lots situated at the surface open carpark and leased to a parking management company. Image: SRI
A 17,351 sq ft prime ground floor commercial unit at Bukit Timah Plaza, which also includes 12 accessory carpark lots, has been launched for sale via expression of interest (EOI) with a guide price of $30 million or $1,729 per sq ft on the strata area, revealed exclusive marketing agent SRI.
Bukit Timah Plaza is a mixed development that was completed in circa 1979. It features a four-storey retail podium and two residential blocks, known as Sherwood Towers.
The retail plaza comprises a mix of education centres, foreign domestic worker agencies, music schools, food and beverage outlets, banking hall and a NTUC Finest supermarket.
Located at the junction of Jalan Anak Bukit and Upper Bukit Timah Road, Bukit Timah Plaza is near the Beauty World MRT Station and is well connected to the rest of Singapore via Pan Island Expressway and major arterial roads such as Clementi Road, Bukit Timah Road and Jalan Anak Bukit.
The ground floor property subject of sale enjoys a wide frontage and is currently tenanted to a pilates school, wedding and catering services, an education centre and audio retailer. The wedding service company transformed around 12,000 sq ft of the premises into two grand wedding ballrooms with a fully equipped commercial kitchen.
The marketing agent noted that the property’s strata area includes 12 accessory carpark lots situated at the surface open carpark and leased to a parking management company.
“This asset offers both investor and end-user an opportunity to acquire sizeable ground floor retail unit, together with 12 carpark lots within the affluent enclave of Bukit Timah and Beauty World neighbourhood. The property will appeal to investors looking at immediate stable rental income and possibly the collective sale potential of Bukit Timah Plaza,” said Low Choon Sin, Managing Partner of SRI Capital Market.
He noted that the property is poised to benefit from higher footfall and vehicular traffic as well as the vibrancy being injected into the area.
“With the announcement of 3.21 hectare Government Land Sale site at Jalan Anak Bukit, the future integrated transport hub will potentially yield 865 private housing units. Furthermore, there are several new private residential launches in the area resulting from the previous en bloc cycle, with approximately 1,400 new private housing units in the pipeline,” said Low.
The latest Master Plan for Bukit Timah will also revitalize the neighbourhood, with major transformations including the upcoming completion of a 24 km Rail Corridor, a visitor centre at Bukit Timah Fire Station and Rifle Range Nature Park.
With sizeable commercial unit measuring above 10,000 sq ft being limited and often tightly held, SRI Co-Founder and Partner Benson Koh expects the property to appeal to both local and foreign investors.
“There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed and both foreigners and companies will be eligible to purchase the property,” he said.
The EOI exercise for the property closes on 17 November.
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