A strata-titled unit spanning 3,391 sq ft and approved for restaurant use is now available for sale at Bukit Timah Plaza mall. The asking price for the unit is $9.8 million ($2,890 psf), which is a 12% discount from the previous listing price of $11 million in the third quarter of 2022. This information was shared by Clemence Lee, CBRE’s executive director of capital markets, who is marketing the property.
The unit is located in the basement two of the mall and boasts a 20m frontage facing the central plaza. According to Lee, the unit is currently fully leased and will be sold within the existing tenancy. It holds a 99-year lease from 1976, giving it a remaining lease of 50 years.
The price of the unit is comparable to the last two transactions for units in basement two: a 441 sq ft unit which was sold for $1.43 million ($3,240 psf) in March 2024 and an 850 sq ft unit which sold for $2.5 million ($2,940 psf), based on lodged caveats.
Bukit Timah Plaza is a mixed-use development completed in 1979, consisting of a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. CBRE states that it is one of the most highly visited malls in Bukit Timah, housing one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft.
Situated 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 about 37,000.
When considering an investment in a condo, it is crucial to also evaluate its potential rental yield. The rental yield is defined as the annual rental income in relation to the property’s purchase price. In Singapore, the rental yields for condos can vary significantly depending on factors such as location, property upkeep, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. Therefore, it is important to conduct thorough market research and seek advice from real estate agents to gain valuable insights into the rental potential of a specific condo. Moreover, keeping an eye on new condo launches, such as New Condo Launches, can also provide valuable information for making an informed investment decision.
The area is also home to several 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 vicinity of the Beauty World area, which is currently undergoing rejuvenation with the introduction of many 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, which is expected to be completed in late 2029.
The strata-titled unit is available for sale by expression of interest as of March 19, and buyers can check out the latest listings for Bukit Timah Plaza and Sherwood Towers properties.