SINGAPORE – CBRE, as the exclusive marketing agent, is pleased to offer for sale via Expression of Interest (EOI), a 999-year ground-floor unit in Bukit Timah Shopping Centre – a commercial development comprising a 7-storey podium and a 14-storey tower block.
With a prominent main road frontage along the bustling Upper Bukit Timah Road, the 2,142 sq ft ground-floor unit enjoys high footfall and is strategically located next to a public car parking facility, which gives added convenience to patrons. The property has obtained the rare approval of a ‘Bar/Pub’ and is currently tenanted.
Consequently, the property will appeal to investors looking to purchase a unit with immediate and stable rental income as well as owner occupiers seeking space for their own use. Subject to approval from relevant authorities, potential alternative uses – including cafes, healthcare, educational, showroom, retail, fitness center, home & living and lifestyle business – can be explored.
Ms Sophia Lim, Manager, Capital Markets at CBRE said, “This is a rare opportunity for both investors and end-users to own a 999-year ground-floor unit with ‘Bar/Pub’ approval that is within a shopping mall in the matured Bukit Timah estate, and at an attractive price. Units on the ground floor in the mall are usually tightly held and are seldom made available for sale due to their high visibility and the heavy human traffic flow. This is evident from the limited number of transactions within the development over the last three years – only one 193-sq-ft retail unit on the ground floor was transacted at S$3,432 per sq ft in 2017.”
“The indicative guide price is S$5.8 million, which works out to approximately S$2,707 per sq ft based on the strata area. There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty, so both foreigners and companies are eligible to purchase the property,” added Ms Lim.
Bukit Timah Shopping Centre commands excellent visibility and is conveniently located within 100 meters to Beauty World MRT Station. It is also well connected to other parts of Singapore
via major arterial roads, such as Clementi Road, Bukit Timah Road and the Pan Island Expressway (PIE).
The development is nestled within the matured and affluent Bukit Timah neighbourhood, one of Singapore’s largest private landed residential enclaves. On the back of the residential catchment, the family-centric mall is home to enrichment centres, as well as family-oriented shops, services and other amenities
The EOI closes on 6 August 2019, Tuesday at 3 pm.
This article is contributed by CBRE.