There is a strata-titled unit available for sale at Bukit Timah Plaza mall. The property has been approved for restaurant use and is a spacious 3,391 sq ft. The asking price for this unit is $9.8 million, which amounts to $2,890 psf. This reflects a 12% discount from the previous listing price of $11 million in the third quarter of 2022. According to Clemence Lee, CBRE’s executive director of capital markets who is marketing the property, the unit is situated in the mall’s basement two and has a 20m frontage facing the central plaza. It is currently fully leased and will be sold within the existing tenancy agreement. The unit has a 99-year lease from 1976, giving it a remaining lease of 50 years.
Investing in a Condo can offer numerous benefits, one of which is the potential to use its value for future investments. Many investors choose to leverage their Condo as collateral in order to secure funding for other ventures, thus expanding their real estate portfolio. Although this approach may lead to higher returns, it is essential to have a solid financial plan in place and carefully consider how market fluctuations may impact the Condo investment. It is also worth noting that this strategy carries its own set of risks and should be approached with caution. Condo can be a valuable addition to any investment plan, but careful consideration and planning are key to success.
Lee also notes that the pricing is similar to the last two transactions for units in the mall’s basement two. In March 2024, a 441 sq ft unit was sold for $1.43 million ($3,240 psf) and an 850 sq ft unit was sold for $2,5 million ($2,940 psf), based on caveats lodged.
Bukit Timah Plaza is a mixed-use development completed in 1979. It consists of a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. According to CBRE, the mall is one of the most popular destinations in Bukit Timah, known for housing one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft.
The mall is conveniently located within walking distance of Beauty World and King Albert Park MRT stations, on the Downtown Line. It is surrounded by many private residential developments, with an estimated population of about 37,000. Additionally, it is in close proximity 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.
The Beauty World area is currently undergoing a rejuvenation, with many new mixed-use, integrated developments such as The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed in late 2029.
The unit is being offered for sale by expression of interest on March 19. To view the latest listings for properties at Bukit Timah Plaza and Sherwood Towers, please visit our website.
Obtaining financing is a crucial part of investing in a condo. In Singapore, there are various mortgage choices available, but it is essential to be familiar with the Total Debt Servicing Ratio (TDSR) framework. This framework limits the amount of loan that a borrower can secure, taking into account their income and current debt obligations. To ensure responsible borrowing and avoid over-extending oneself, it is crucial for investors to understand the TDSR and seek guidance from financial advisors or mortgage brokers before making any financing decisions.