Bukit Timah Plaza Strata Restaurant Unit Sale 98 Mil After 12 Price Cut
An opportunity has arisen for potential buyers to acquire a 3,391 sq ft strata-titled unit at Bukit Timah Plaza mall. This unit is approved for restaurant use and is currently on the market for $9.8 million ($2,890 psf), which is a 12% reduction from its previous listing price of $11 million in 3Q2022. Clemence Lee, CBRE’s executive director of capital markets, is leading the sale of this property.
Situated on the basement two level of the mall, this unit boasts a 20m frontage facing the central plaza. As noted by Lee, the unit is currently fully leased and will be sold along with the existing tenancy. The unit has a 99-year lease which began in 1976, meaning there are still 50 years remaining.
Based on recent caveats lodged, the asking price for this unit is in line with the last two transactions for units on the basement two level. One such unit, measuring 441 sq ft, was sold for $1.43 million ($3,240 psf) in March 2024, while another measuring 850 sq ft was sold for $2.5 million ($2,940 psf).
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. It is considered one of the most popular malls in Bukit Timah and is home to 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 also benefits from its proximity to several private residential developments, with an estimated population of about 37,000.
The mall is also surrounded by 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.
In addition, the surrounding Beauty World area is currently undergoing a revitalization, with the development of new mixed-use and integrated projects, including The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, which is expected to be completed in late 2029.
This unit is available for sale through an expression of interest process, with bids to be submitted on Mar 19. To find out more about this property, and other listings for Bukit Timah Plaza and Sherwood Towers, please visit our website.