The ground floor apartment at Bukit Timah Shopping Centre is for sale at a guide price of S$5.8 million, which equates to approximately S$2,707 per square foot based on the strata area.

CBRE announced on 3 July that it is pleased to offer for sale via Expression of Interest (EOI) a 999-year-old ground floor unit in Bukit Timah Shopping Centre – a commercial development consisting of a 7-storey podium and a 14-storey high-rise.

Photo credit: CBRE

CBRE is the exclusive marketing agent for the ground floor unit for sale at Bukit Timah Shopping Centre.

Located on the main road along the busy Upper Bukit Timah Road, the 200sqm ground floor apartment has a high footfall and is strategically located next to a public car park, providing customers with added convenience. The ground floor apartment in Bukit Timah Shopping Centre has received the rare approval of a “bar/pub” and is currently leased out.

Consequently, the ground floor unit at Bukit Timah Shopping Centre will appeal to both investors looking to purchase a unit with immediate and stable rental income and owner-occupiers seeking space for their own use. CBRE said that subject to approval from relevant authorities, possible alternative uses – including cafes, healthcare, education, showrooms, retail, fitness centres, residential and lifestyle stores – may be explored.

Sophia Lim, manager of capital markets at CBRE, said: “This is a rare opportunity for investors and end-users to acquire a 999-year-old ground floor unit with bar/pub approval in a shopping mall in the mature Bukit Timah complex at an attractive price. Units on the ground floor of the mall are usually highly sought after and rarely come up for sale due to their high visibility and heavy foot traffic. This is evident from the low number of transactions within the development over the past three years – only one 193 sq ft ground floor retail unit traded at S$3,432 per sq ft in 2017.”

“The guide price is S$5.8 million, which equates to approximately S$2,707 per square foot based on the strata area. There will be no additional stamp duty for buyers or sellers, making both foreigners and corporates eligible to purchase the property,” Ms Lim added.

Bukit Timah Shopping Centre enjoys excellent visibility and is located just 100 metres from Beauty World metro 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.

The ground floor unit of Bukit Timah Shopping Centre is nestled in the mature and affluent Bukit Timah neighbourhood, one of Singapore’s largest private residential areas. At the rear of the residential area, the family-orientated shopping centre houses leisure centres as well as family-orientated shops, services and other amenities.

The story continues

The expression of interest for the ground floor unit at Bukit Timah Shopping Centre closes at 3:00pm on Tuesday, 6 August 2019.

As the success of en bloc sales of residential properties wanes, commercial properties are now trying to jump on the bandwagon. Many attempts to sell commercial properties en bloc fail because the asking prices are often too high. Two key factors that influence the success of en bloc sales of commercial properties are price and location. Older commercial properties in particular may see the need to use the current wave as an exit strategy as their rental yield comes under pressure due to competition from newer commercial properties.

The government’s swift response to curb house price increases in July last year has clouded the prospects of residential properties as an attractive investment. Investors looking for alternatives to put their money may turn their attention to commercial buildings as they are not affected by this round of buying or selling restrictions.

The biggest winners of the new measures to cool the real estate market are likely to be the owners of office and commercial buildings with commercial use. The measures to cool the real estate market have affected almost all categories of buyers and are expected to achieve their intended objectives of cooling demand and moderating price growth.

According to a report, investors looking for alternatives to park their money amid measures to cool down the real estate market are turning their attention to the condominium office and commercial building market as they are not affected by the current restrictions or burdens on buying or selling.

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