Prime ground floor F&B unit with prominent frontage in Bukit Timah Plaza up for sale
Guide price of $13 million or $2,600 psf
JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest exercise for the purchase of a prime Food and Beverage (F&B) unit located on the ground floor in Bukit Timah Plaza - a mixed-use development comprising of a four-storey retail podium and a 269-unit residential block.
Situated on the ground floor, the 4,930 sf unit is highly prominent and enjoys high footfall, being strategically located opposite the mall’s escalators and within close proximity to major tenants such as Popular bookstore, NTUC Finest supermarket and DBS Treasures. The property is currently tenanted to a commercial school with an ancillary café. The unit will appeal to investors looking to purchase a unit with immediate and stable rental as well as owner occupiers looking to purchase the unit for own use. Subject to approval from relevant authorities, potential alternative uses includes retail, education, medical, banking hall and entertainment amongst others.
Prominently located at the intersection of Clementi Road and Upper Bukit Timah Road, Bukit Timah Plaza commands excellent visibility and is conveniently accessible from Beauty World MRT Station which is situated a mere 300-metre away. It is also well-connected to other parts of Singapore via major arterial roads Clementi Road, Bukit Timah Road and the Pan Island Expressway (PIE).
The development is nestled in the mature and affluent Bukit Timah estate where there is a dense concentration of private housing. The family-centric mall caters to the nearby residential catchment area and is home to family-oriented shops, enrichment centres, banking halls and other necessities. Due to the limited amount of lifestyle offerings and amenities in the vicinity, the development attracts a steady flow of patronage from the neighboring area.
Mr Clemence Lee, Associate Director, JLL says: “This is a rare opportunity for both investors and owner-occupiers to own a ground floor F&B unit within a high-traffic shopping mall located in the mature and affluent Bukit Timah estate. Units on the ground floor in the mall are usually tightly-held and seldom made available for sale due to them enjoying high visibility and human traffic. This scarcity is evident from the limited number of transactions within the development over the past two years – only two units on the ground floor were transacted at $2,614 psf and $2,986 psf respectively.”
The indicative guide price for the subject property is in the region of $13 million, which reflects around $2,600 psf on the existing strata area.
As this is a commercial property, foreigners are eligible to purchase the property and there are no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The Expression of Interest exercise closes on Wednesday, 28 November 2018, at 3pm.
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For a high-resolution image of the property, please click here.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.