Keppel to sell strata-titled carpark at Bukit Timah Plaza

Riding on the wave of renewed interest in the Jalan Anak Bukit and Bukit Timah neighbourhood, Sammi Lim, founder and executive director of 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 developed the commercial and residential development as part of a joint venture. The combined strata area of the carpark is about 152,772 sq ft, equivalent to 22% of the total strata area in the development.

With the upcoming launch of The Reserve Residences, the footfall at Bukit Timah Plaza shopping mall has seen a significant increase. This mixed-use commercial and residential development was built in 1980 and has a remaining lease of 52 years. The carpark at Bukit Timah Plaza encompasses 427 carparking and 14 motorbike spaces on the basement levels 2 and 3, as well as the entire floorplate on the third floor; all of which have direct access from the shopping mall and Sherwood Towers.

Towards the end of last year, the owners of Bukit Timah Plaza and Sherwood Towers embarked on a collective sale process, but have yet to secure the 80% consensus to proceed. According to Lim, the exclusive marketing agent for the sale of the carpark,both existing carpark operators as well as investors may consider carparks as an alternative asset class with stable income. She goes on to explain that the buyer could operate the carpark or lease it to an operator. It is notout of the question that the value of the carpark might be unlocked by reconfiguring some of the space for alternative uses, although this would require approval from the relevant authorities.

The anchor tenant of Bukit Timah Plaza is NTUC FairPrice Finest, occupying over 40,000 sq ft and operating 24 hours, which offers increased income potential from having a 24-hour supermarket within the premises. The new owner of the carpark could also generate income from advertisement panels that could be placed on the walls. Furthermore, Bukit Timah Plaza is well-connected, being accessible through the Pan Island Expressway and Bukit Timah Expressway, as well as close to two MRT stations on the Downtown Line.

The Myst CDL is on a mission to enhance lifestyle and provide residential space in Bukit Batok with their brand new project offering 1,500 condominium units.

As of the past two years, Lim has noticed that the pool of potential buyers for carparks has widened to include both local and overseas corporates, private funds, family offices, and ultra-high-net-worth individuals.With this in mind, this proves the value of carparks as a valuable investment asset in Singapore with limited parking spaces, especially in areas of high demand.

The EOI for Bukit Timah Plaza carpark will close on July 7. Thus, it is evident that this carpark could offer many benefits to potential buyers. With its unique characteristics, this could be the golden opportunity to acquire a slice of this prime location.