Three freehold retail units on Greenwood Avenue in Bukit Timah for sale at $18.5 mil

Three freehold ground-floor retail units at 20, 26 and 28 Greenwood Avenue in Bukit Timah are on the market with a combined guide price of $18.5 million.

CBRE, the exclusive marketing agent for the asset, said buyers have the option to purchase them individually or as a portfolio.

The property at 20 Greenwood Avenue has a guide price of $6.5 million, or $4,224 psf on its strata area of 1,539 sq ft.

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The properties at 26 and 28 Greenwood Avenue are neighbouring units. Spanning 1,442 and 1,475 sq ft, they are priced at $6 million apiece, which works out to $4,161 psf and $4,068 psf, respectively.

All three units are currently fully tenanted.

The properties are situated within the Hillcrest Park landed enclave, where ownership of commercial units “remains highly exclusive”, with just 27 units across the entire estate, said CBRE.

Despite this tightly held supply, it has drawn a strong mix of established operators — from F&B names such as Baker & Cook, Peperoni Pizzeria, Greenwood Fish Market and Bacaro, to supermarket chains like Cold Storage and FairPrice Xpress.

Based on caveats lodged, the most recent commercial property transaction at Greenwood Avenue was for a 1,539 sq ft unit that changed hands for $7.1 million ($4,613 psf) in July this year.

Following that transaction, the guide price of $6 million to $6.5 million per unit for the properties up for sale presents a discount of approximately 10% to 18% to the latest market benchmark, said Clemence Lee, executive director for capital markets at CBRE Singapore.

He added: “Given this value, we anticipate strong interest from high-net-worth investors and family offices, as well as owner-occupiers such as boutique retailers and bespoke food and beverage operators who are looking to secure a foothold in this highly sought-after freehold enclave”.

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With Turf City set to add up to 20,000 new homes, demand for F&B and lifestyle offerings in enclaves like Hillcrest Park is set to grow — while freehold commercial space in Bukit Timah remains scarce, with no known new supply planned.

This mix of rising demand and fixed supply makes it a compelling bet for investors seeking rental resilience and long-term capital appreciation, said Lee.

The units are up for sale through an expression of interest exercise that will close at 3pm on Sept 23.