Bukit Timah Plaza 17,351 sq ft ground-floor unit for sale with S$30m guide price

A PRIME ground-floor commercial unit, including 12 accessory car-park lots, within Bukit Timah Plaza has been launched for sale via an expression of interest (EOI) exercise, exclusive marketing agent SRI told The Business Times.

The strata area spans 17,351 square feet (sq ft). This includes the 12 car-park lots located on the surface open car park, leased to a parking management company.

The guide price is S$30 million, which works out to about S$1,729 per square foot based on the strata area. The EOI exercise will close on Nov 17 at 3pm.

Located at the ground floor of the mall, the property has a prominent and wide frontage, SRI said.

It is tenanted to a wedding and catering services business, a pilates school, an audio retailer and an education centre.

Most of the space is taken up by the wedding services firm, which is using some 12,000 sq ft of the premises to house two wedding ballrooms with a fully equipped commercial kitchen.

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SRI capital markets' managing partner Low Choon Sin said the asset offers both investors and end-users an opportunity to acquire a sizeable ground-floor retail unit together with car-park lots within the affluent enclave of Bukit Timah and Beauty World.

"The property will appeal to investors looking at immediate stable rental income and possibly the collective sale potential of Bukit Timah Plaza," Mr Low added.

Besides, large commercial units that are above 10,000 sq ft each are in limited supply and often tightly held by few owners, noted SRI co-founder and partner Benson Koh.

Mr Koh believes both local and foreign investors will be interested in the property. There will be no additional buyer's stamp duty or seller's stamp duty imposed, and both foreigners and companies are eligible to purchase it.

Completed in around 1979, Bukit Timah Plaza is a mixed development comprising a four-storey retail podium as well as two apartment blocks, which are named Sherwood Towers.

The retail plaza is home to education centres, music schools, foreign domestic worker agencies, a banking hall, food and beverage outlets and a supermarket.

Bukit Timah Plaza is located at the junction of Jalan Anak Bukit and Upper Bukit Timah Road.

It is a seven-minute walk from Beauty World MRT station, and also connected to the rest of the island via the Pan Island Expressway and arterial roads such as Bukit Timah Road, Jalan Anak Bukit and Clementi Road.

The neighbourhood is set for a facelift under the Urban Redevelopment Authority's Master Plan 2019. For instance, the former Bukit Timah Railway Station Staff Quarters and the former Bukit Timah Fire Station have been gazetted for conservation. A 24 kilometre Rail Corridor running through Singapore will also be connected by 2021.

A 3.22-hectare commercial and residential site along Jalan Anak Bukit was launched in June under the government land sales programme. The future integrated transport hub that will sit on the plot can potentially yield 865 private homes.

Furthermore, there are several new private residential launches in the vicinity resulting from the previous en bloc cycle, with some 1,400 new units in the pipeline, Mr Low said.

The commercial unit at Bukit Timah Plaza may thus benefit from higher vehicular traffic and footfall after these developments are completed, as well as the vibrancy being injected into the area, he added.