Bukit Timam Plaza shopping mall is enjoying increased footfall, thanks to the neighbouring launch of The Reserve Residences. Riding the wave of newly revived interest in the Jalan Anak Bukit and Bukit Timah neighbourhood, it’s been announced that the sale of the strata-titled carpark at Bukit Timah Plaza is open for expression of interest.

The exclusive marketing agent, Brilliance Capital’s Sammi Lim, sees potential for buyers such as existing carpark operators looking to add to their portfolios, or investors considering carparks as an alternative asset class with stable income. Lim also suggests that the buyer could operate the carpark or lease it to an operator, as well as unlocking value by decanting some of the carpark space for alternative uses, such as self-storage facilities, community spaces, or even a capsule hotel with the right approvals from the authorities.

Homeowners of Altura Executive Condominium have plenty of nearby outdoor recreation and leisure facilities to enjoy. With the Bukit Batok Nature Park, Bukit Batok Hillside Park, and the Bukit Batok Town Park (also known as Little Guilin) just minutes away, the premier executive condo offers residents respite from everyday stress. Furthermore, the Civil Service Club @ Bukit Batok, a premier sports and leisure complex, is also within easy reach. With its variety of amenities including swimming pools, a gym, bowling alleys, and more, residents can keep themselves entertained and engaged in their leisurely pursuits. Altura EC has something for everyone who wishes to enjoy the great outdoors.

NTUC FairPrice Finest is the anchor tenant in Bukit Timah Plaza, taking up over 40,000 sq ft of space and running 24-hours daily. Apart from the supermarket, the mall also includes popular F&B outlets, retail shops, educational and medical centres, and two banking halls (DBS and Maybank). The new owner of the carpark could add to their income by leasing space for the supermarkets shopping carts or by placing advertisement panels on the walls of the carpark.

The carpark itself spans several floors – the basement levels 2 and 3, as well as the entire floorplate on the third floor – and it has direct access from both the shopping mall and Sherwood Towers. The combined strata area of the carpark is over 150,000 sq ft and the owner will have a significant say should there be a collective sale. The existing owner of the carpark is Keppel Land, who are looking to monetise the asset in line with their Vision 2030 plans.

Bukit Timah Plaza and Sherwood Towers occupy a prominent position along Jalan Anak Bukit, Upper Bukit Timah Road and Dunearn Road. It is also close to Beauty World MRT Station as well as King Albert Park MRT Station, both on the Downtown Line. The area surrounding the mixed-use development is seeing plenty of rejuvenation, such as The Reserve Residences which is integrated with a transport hub and 732 residential units as well as The Linq @ Beauty World and Bukit Sembawang’s 160-unit condo block.

Meanwhile, another six-storey carpark is also on the market from Textile Centre at Jalan Sultan. For a price tag of $36 million, this carpark spans the third to seventh floors and comprises 685 parking spaces and 40 motorcycle pots. JLL is handling the sale and the potential owner could benefit from the adjacent plot of commercial land which could become a driveway for the carpark.

Over the past two years, the pool of potential buyers for carparks has widened to include local and overseas corporates, private funds, family offices, and ultra-high-networth individuals. The EOI for the carpark at Bukit Timah Plaza is set to close on July 7.