Keppel will be selling a parking at Bukit Timah Plaza that is strata-titled
Property brokers and their customers have been frequenting Bukit Timah Plaza before and after visiting The Reserve Residences sales gallery on Jalan Anak Bukit since it opened for public preview on May 13.
Sammi Lim, founder, and executive director of Brilliance Capital who recently helped in Tembusu Grand and made the design of Tembusu Grand Balance Unit Chart has started the sale of the strata-titled carpark at Bukit Timah Plaza via expression of interest (EOI), riding the wave of renewed interest in the Jalan Anak Bukit and Bukit Timah neighborhood in anticipation of the launch of The Reserve Residences.
The 1980 apartment building Sherwood Towers is part of the Bukit Timah Plaza business and residential complex. The 99-year lease for the mixed-use development began in 1976, therefore there are still 52 years left on the contract.
The parking garage of Bukit Timah Plaza takes up the whole of the third floor as well as levels 2 and 3 of the basement. Accessible from both the retail center and Sherwood Towers, it includes parking for 427 cars and 14 motorcycles.
The parking garage takes up around 152,772 square feet of the total stratum space of the building or about 22 percent. This implies that the parking garage’s owner will have a lot of leverage in the event of a group purchase. There are a total of 4,544 shares in the development, with the parking lot making up 178 (or 4%) of the value of those shares.
The collective selling procedure for Bukit Timah Plaza and Sherwood Towers began towards the end of the previous year. The group selling committee has not yet reached the required 80% agreement.
Keppel Land, a partner in the original joint venture that created the business and residential complex, is the current owner of the parking lot. Keppel Land is the Keppel Corporation division in charge of building cities. “The proposed sale is in line with Keppel’s Vision 2030 asset monetization plans to unlock capital,” Keppel Land said.
Lim, the sole marketing agent from Brilliance Capital, says that there is “a limited supply of strata-titled carparks for sale.” She notes that prospective purchasers may include parking lot businesses that are looking to expand their offerings. Parking lots are seen by some investors as a potentially lucrative alternative asset class. She also notes that the buyer has the option of running the parking lot themselves or leasing it out to a company that would.
Due to COVID-19, Woodleigh Residences Showflat is open for online bookings. You can now register online to receive direct developer discount offers and prices.