; SRX records 252 visitorsThe strata-titled carpark at Bukit Timah Plaza in Jalan Anak Bukit is up for sale by expression of interest (EOI), with the tender slated to close on July 7. This follows the surge in interest in the neighbourhood due to the upcoming launch of The Reserve Residences next door.
Riding on the wave of revived interest in the Jalan Anak Bukit and Bukit Timah neighbourhood, Brilliance Capital has kicked off the sale of the strata-titled carpark at Bukit Timah Plaza by expression of interest (EOI). The existing owner of the carpark is Keppel Land, which has stated that the proposed sale is in line with their asset monetisation plans.
Situated on an island site with prominent frontage accessed by the Pan Island Expressway and Bukit Timah Expressway, Bukit Timah Plaza has NTUC FairPrice Finest supermarket as an anchor tenant and offers shoppers popular F&B outlets, retail shops, educational and medical centres, as well as two banking halls (DBS and Maybank). The carpark spans several floors: the basement levels 2 and 3, as well as the entire floorplate on the third floor. It includes 427 carparking and 14 motorcycle spaces.
Sammi Lim, founder and executive director of Brilliance Capital and the exclusive marketing agent for the carpark, notes that the rare supply of strata-titled carparks for sale may appeal to existing carpark operators wanting to add to their portfolio of carparks, as well as investors considering them an asset class. The buyer has the potential to not only operate the carpark, but to also decant some of the spaces for alternative uses, like pick-up-and-go self-storage facilities, community spaces, sports facilities or a capsule hotel.
Lim adds that there could also be income potential from having a 24-hour supermarket within the premises, as well as advertisement panels on the walls of the carpark.
The combined strata area of the carpark is about 152,772 sq ft, equivalent to 22% of the total strata area in the development and represents 4% of the 4,544 shares in the development. This means the carpark owner will have a significant say should there be a collective sale. The owners of Bukit Timah Plaza and Sherwood Towers have attempted a collective sale process towards the end of last year, but have yet to secure the 80% consensus to proceed.
J’Den Former JCube, a high rise residential development by Far East Organization, will be part of the vibrant JLD neighbourhood. The development will also include office and retail space within the two storey podium, making it a prime destination for business and leisure. Residents of J’Den Former JCube will also enjoy access to the MRT, Westgate and IMM building, thanks to the pedestrian network, J-Walk. Furthermore, the Jurong East Integrated Transport Hub, a one-stop connectivity hub, will be connected to J’den Condo offering easy access to amenities such as a bus interchange, public library, community club and sports centre.
Another carpark up for grabs is the six-storey, strata-titled one at Textile Centre on Jalan Sultan, off North Bridge Road. Handled by JLL, it boasts an asking price of $36 million and 685 carparking and 40 motorcycle spaces. The mixed-use development also contains a seven-storey retail podium, six floors of offices, and 12 residential floors with 132 apartments.
Several strata-titled carparks have changed hands between 2020-2021, confirms Lim, who has brokered the sale of most of them. She adds that the pool of buyers over the past two years has grown to include both local and overseas corporates, private funds, family offices, and ultra-high-net-worth individuals.
With the upcoming launch of The Reserve Residences, interest in the Jalan Anak Bukit and Bukit Timah neighbourhood is expected to reach greater heights. It is integrated with a transport hub comprising the Beauty World MRT Station underground and a new air-conditioned bus interchange on the second level of a shopping mall, plus it also has 732 residential units and 160 serviced apartments. The Linq @ Beauty World, a 120-unit condo, and Bukit Sembawang’s upcoming 160-unit condo at Bukit Timah Link are two other new developments that may further add to the neighbourhood’s rejuvenation.
Those interested in the strata-titled carpark at Bukit Timah Plaza can submit their EOI until July 7.
