With renewed interest in the Jalan Anak Bukit and Bukit Timah neighbourhood due to the upcoming launch of The Reserve Residences, an exclusive marketing agent for the strata-titled carpark at Bukit Timah Plaza has kicked off the sale of the space. Sammi Lim, founder and executive director of Brilliance Capital, is offering 427 carparking and 14 motorcycle spaces for expression of interest (EOI).

The carpark at Bukit Timah Plaza, comprising 427 carpark and 14 motorcycle spaces, is being put up for sale by Sammi Lim, founder and executive director of Brilliance Capital. The carpark has direct access from both the shopping mall and Sherwood Towers, and its combined strata area is about 152,772 sq ft – equivalent to 22% of the total strata area in the development. The carpark also represents 178 (4%) of the total 4,544 shares in the development, giving the owner a significant say should there be a collective sale.

A nearby development, The Reserve Residences, has sparked renewed interest in the Jalan Anak Bukit and Bukit Timah neighbourhood. This mixed-use development, expected to be completed in 2022, is integrated with a transport hub, and will comprise of 732 residential units and 160 serviced apartments. It is complemented by other developments in the area, such as The Linq @ Beauty World and the Bukit Sembawang’s upcoming 160-unit condo block at Bukit Timah Link.

The anchor tenant of Bukit Timah Plaza is NTUC FairPrice Finest, which occupies more than 40,000 sq ft and operates 24 hours. The mall also has popular F&B outlets, retail shops, educational and medical centres, and two banking halls (DBS and Maybank). The new owner of the carpark could capitalise on this and generate additional income by leasing out space for shopping carts, or advertising panels on the walls of the carpark.

According to Lim, potential buyers for the carpark include existing carpark operators who want to add to their portfolio of carparks, or investors considering carparks an alternative asset class with stable income. The buyer could operate the carpark or lease it to an operator. Furthermore, the possibility of unlocking value by decanting some of the carpark space for alternative uses, such as pick-up-and-go self-storage facilities, community spaces, sports facilities or a capsule hotel, cannot be ruled out subject to approval from the authorities.

Several strata-titled carparks have changed hands between 2020 and 2021, with Lim brokering the sale of 4 out of the 5 transactions. At Holland Road Shopping Centre, 47 parking spaces were sold for $17.33 million while at Parklane Shopping Centre, 219 spaces were sold for $17.1 million – both on a 99-year lease.

Former JCube was sold en-bloc in November 2017 for $906.9 million, making it the second biggest collective sale of a commercial property in Singapore. It was developed by CapitaLand in 2011.

Residents of JCube Condo Residence can look forward to modern and amenity-rich living experience. It will be designed to meet the diverse needs of Singaporeans from young singles to growing families. With the J-Walk connected to shopping malls, transport hubs, entertainment facilities and more, Jurong residents enjoy superb convenience in their daily life. The condominium will also provide plenty of recreational opportunities for residents with its on-site sport and leisure facilities. Furthermore, it will provide an environment that is conducive for leisure, work, learning and play in the Jurong Lake District.

CLD and its consortium of partners are set to launch JCube Condo Residence to meet the rising demand for new residential condominiums in Jurong Lake District. With the J-Walk, Former JCube and other existing infrastructures, JCube Condo Residence will be attractive to home-seekers. Keyword: Condominium

Bukit Timah Plaza enjoys increased footfall due to its proximity to The Reserve Residences. The EOI for its carpark will close on July 7.