for sale.A prime restaurant unit at Bukit Timah Plaza mall is now up for sale. The 3,391 sq ft strata-titled space, approved for restaurant use, has been listed at a discounted price of $9.8 million ($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 responsible for marketing the property.
Located in the basement two of the mall, the unit boasts a 20m frontage facing the central plaza. Currently fully leased and to be sold within its existing tenancy, the unit comes with a 99-year lease from 1976, giving it a remaining lease of 50 years.
The pricing of the unit falls in line with the last two transactions for units in basement two: a 441 sq ft unit that sold for $1.43 million ($3,240 psf) in March 2024 and an 850 sq ft unit that fetched $2,5 million ($2,940 psf), based on caveats lodged.
Bukit Timah Plaza, a mixed-use development that was completed in 1979, comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. It is known for housing one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft, says CBRE.
Conveniently located at 1 Jalan Anak Bukit, the mall is within walking distance of both Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is also surrounded by numerous private residential developments, with an estimated population of around 37,000.
The mall is also 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.
Bukit Timah Plaza is part of the Beauty World area, which is currently undergoing a rejuvenation with the addition of new mixed-use, integrated developments. This includes the upcoming The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed by late 2029.
The unit is now available for sale through expression of interest. Interested buyers can check out the latest listings for Bukit Timah Plaza and Sherwood Towers properties for sale.