Prime ground-floor unit at Bukit Timah Shopping Centre for sale at $5.8m

The 2,142-sqft property has obtained the approval for bar and pub use.

A 999-year ground-floor unit in Bukit Timah Shopping Centre, a commercial development comprising a seven-storey podium and a 14-storey tower block, has been launched for sale via an expression of interest (EOI) at an indicative price of $5.8m, an announcement by marketing agent CBRE revealed.

With a prominent main road frontage along the bustling Upper Bukit Timah Road, the 2,142-sqft ground-floor unit enjoys high footfall and is located next to a public car parking facility. The indicative guide price works out to approximately $2,707 psf based on the strata area.

The property has obtained the “rare” approval of a “Bar/Pub” and is currently tenanted. 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, CBRE noted.

According to Sophia Lim, manager of capital markets at CBRE, 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-sqft retail unit on the ground floor was transacted at $3,432 psf in 2017.”

There will be no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty, so both foreigners and companies are eligible to purchase the property.

The EOI closes on 6 August at 3 p.m.