Exclusive Freehold Retail Units in Bukit Timah Listed
In the heart of Bukit Timah, a rare opportunity has arisen for investors seeking prime commercial real estate. Three freehold retail units have been made available for sale, with a collective asking price of S$18.5 million. This offering is particularly significant given the scarcity of freehold properties in this desirable enclave.
The listed units are situated at 20, 26, and 28 Greenwood Avenue within the Hillcrest Park landed estate, an area known for its affluent community and proximity to several prestigious educational institutions such as Raffles Girls’ Primary School and National Junior College. These locations not only enhance the desirability of the properties but also contribute to a robust consumer base.
Property Details and Pricing
Collectively, these three ground-floor retail spaces encompass a total gross floor area of approximately 4,456 square feet. The average asking price translates to about S$4,150 per square foot (psf), reflecting competitive positioning within the current market landscape.
| Address | Area (sq ft) | Guide Price (S$) | Price Per Sq Ft (S$) |
|---|---|---|---|
| 20 Greenwood Avenue | 1,539 | $6,500,000 | $4,224 |
| 26 Greenwood Avenue | 1,442 | $6,000,000 | $4,161 |
| 28 Greenwood Avenue | 1,475 | $6,000,000 | $4,068 |
The current listing is part of an Expression of Interest exercise facilitated by CBRE and allows potential buyers to consider purchasing the units individually or as a cohesive portfolio. Notably attractive for both local and foreign investors is the absence of Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD), which typically applies to property transactions in Singapore.
A Strong Market Demand Driver
Clemence Lee, Executive Director at CBRE Singapore noted that freehold commercial space in this region is exceptionally limited with no new supply expected in the near future. The enduring demand for such properties is propelled by the area’s affluent demographic and existing population of around 86,000 residents.
The surrounding environment further supports retail growth; ongoing developments like Bukit Timah Turf City are anticipated to attract even more residents through new public housing projects set to break ground for the first time in four decades. With estimates suggesting up to 20,000 new homes will be added in this vicinity over coming years, investor interest is likely to heighten significantly.
Comparison with Recent Transactions
This portfolio’s pricing positions it favorably compared to recent sales data from Greenwood Avenue where similar freehold units were transacted at higher rates averaging S$4,613 psf. For instance, a unit sold recently at 24 Greenwood Avenue achieved a transaction price reflecting a significant premium over what is currently being offered.
The Future Outlook for Retail Units in Bukit Timah
The strategic location near established schools and residential neighborhoods creates substantial foot traffic potential for retail operations. As highlighted by Lee from CBRE Singapore, rising demand paired with limited supply constitutes an attractive proposition for long-term capital appreciation and rental income stability.
This scenario presents opportunities not only for high-net-worth investors but also owner-occupiers such as boutique retailers and food & beverage operators looking to establish themselves in this coveted area.
Your Path Forward as an Investor
If you’re considering entering into investments within this dynamic market or have questions regarding how these developments could influence your own real estate strategies—be it buying or selling—consultations can provide personalized insights tailored uniquely to your situation.
Explore consultation options here.
Source: Original Article
