SINGAPORE, May 18, 2023 /PRNewswire/ -- Brilliance Capital is pleased to launch the sale of a strata-titled carpark within Bukit Timah Plaza, a mixed-use commercial and residential development, via Expression of Interest.

Sitting on an island site, Bukit Timah Plaza commands prominent main road frontages along Jalan Anak Bukit, Upper Bukit Timah Road and Dunearn Road. It is also highly accessible to the rest of the island via Pan Island Expressway (PIE) and Bukit Timah Expressway (BKE), and within walking distance from both Beauty World MRT Station and King Albert Park MRT station on the Downtown Line.

Bukit Timah Plaza is an iconic mixed-use commercial and residential development comprising a four-storey retail podium as well as Sherwood Towers, a residential development comprising 270 units. Built in the late 1970s, it has undergone several renovations to keep it up to date with modern shopping standards. Located in the heart of Bukit Timah, the retail podium is anchored by one of the largest NTUC FairPrice Finest stores in Singapore that operates 24 hours, occupying more than 40,000 sq ft space and a crowd puller in the area. It is also home to popular F&B outlets, retail shops, learning and educational hubs, medical, as well as two banking halls.

The development is strategically located in one of the most affluent areas in the central region of Singapore, well-known for its high-end residential neighborhoods, luxurious homes and prestigious schools. Over the next few years, more than 1,500 residential units and serviced apartments will be completed and expected to inject more vibrancy to the area. The carpark is well positioned to cater to the growing demand from the increased catchment in future.

The carpark spans across three floors on level 3, basement 2 and basement 3 of Bukit Timah Plaza with a total strata area of approximately 152,772 square feet, comprising 427 car parking lots and 14 motorcycle lots. The carpark enjoys direct access to both the retail podium and residential blocks of Bukit Timah Plaza.

Ms Sammi Lim, Founder and Executive Director, Brilliance Capital Pte Ltd, said: "In Singapore, carparks are considered a valuable investment asset, due to limited parking spaces, and especially in areas with high demand for parking. The value of carpark spaces can appreciate over time, making them a potentially lucrative investment. This is especially so as communal carparks are now no longer allowed separate strata titles, this has become one of the most tightly held asset class that is highly sought after, but rarely available for sale. With authorities limiting the number of carparking lots in new developments, existing buildings with generous car parking allocation hold a competitive advantage. There is also increased income potential when the carpark is situated in a development with a supermarket operating round the clock 24 hours a day.

This is an extremely attractive opportunity for carpark operators who are looking to acquire carparks to add onto their portfolio, and for aspiring carpark owners to dive into a carpark operations business where the barriers to entry are low. The incoming buyer can enjoy the security of an immediate rental income from both the season and hourly parking lots. Investor-buyers can also unlock further capital values of the asset through potential conversion of excess carpark lots for other higher income generating uses.

We have further observed that investors who are looking for steady cash flow, potential income appreciation, and a resilient asset class are entering or actively looking out for opportunities to enter this carpark sector. Opportunities are few and far between and this is one not to be missed. This is especially so when carparks have proved to be an appealing alternative to traditional real estate classes in the likes of residential and commercial units and are relatively low-risk investments. The buyers pool consists of both local and overseas corporates, private funds, family offices and ultra-high net worth individuals.

Based on three carpark sales that Brilliance Capital concluded over the past two years at Holland Road Shopping Centre, Parklane Shopping Centre and People's Park Complex, which were all well received by the market, we are expecting keen interest for this carpark and especially from some parties who did not managed to secure the carpark purchases successfully previously. In addition, this interesting and resilient asset class would be strategically placed to capitalize on the potential for strong capital value and income upsides."

As a commercial property, both local and foreign buyers are eligible to purchase with no additional buyers' stamp duty (ABSD) or sellers' stamp duty (SSD) payable.

Brilliance Capital is the sole marketing agent for this Expression Of Interest Exercise.

The Expression of Interest closes on 7 July 2023, Friday at 3.00 p.m.

Note to editors:

Two high-resolution photographs of Bukit Timah Plaza are enclosed.

FOR SALE BY EXPRESSION OF INTEREST, BUKIT TIMAH PLAZA MULTI-STOREY CARPARK

 

FOR SALE BY EXPRESSION OF INTEREST, BUKIT TIMAH PLAZA MULTI-STOREY CARPARK

About Brilliance Capital Pte. Ltd.

Brilliance Capital is a boutique real estate consultancy that provides advisory and agency services covering commercial and industrial investments, residential sales, and leasing services of all asset classes. Brilliance Capital is the brainchild of Sammi Lim – an extension of herself and her dedication in helping clients buy, sell, lease their properties, especially for corporates, institutional funds, ultra-high net worth individuals and private family funds that aim to diversify into real-estate investments.

 

Source: Brilliance Capital