Bukit Timah freehold mixed-use property linked to Indonesian billionaire listed at S$118 million

A firm controlled by Indonesian billionaire Sukanto Tanoto is seeking to sell a freehold mixed-use property in Bukit Timah for an indicative price of S$118 million.

The site has been launched for sale via an expression of interest exercise through marketing agent Cushman & Wakefield, according to The Edge Singapore.

The guide price stands out partly because freehold mixed-use redevelopment sites in prime District 10 are rare, especially those with existing planning approval.

By comparison, the nearby Serene Centre was transacted at S$105 million in 2024, which translates to S$2,212 per square foot (psf) based on its existing gross floor area, according to The Edge Singapore.

Freehold tenure and redevelopment approval support price

The property, located at 551 to 553 Bukit Timah Road and 6 to 8B Duke’s Road, spans about 18,512 sq ft after the acquisition of an adjoining parcel of remnant state land, according to EdgeProp Singapore.

It is zoned for both commercial and residential use under the URA Master Plan 2025.

The site has already obtained written permission for a five-storey mixed-use redevelopment, comprising two storeys with a mezzanine for commercial use and three storeys with an attic for residential units above.

The approved plans include:

• Six strata commercial units for food-and-beverage use
• 30 residential units on the upper floors

Based on redevelopment to the maximum plot ratio of 3.0, the indicative price translates to about S$2,193 psf per plot ratio, EdgeProp reported.

Existing development fully leased with well-known tenants

The current four-storey property is fully leased, with retail and F&B tenants on the ground floor and a co-living operator occupying the upper levels.

Tenants include Atlas Coffeehouse, Hello Arigato and The Assembly Place, according to VN Express.

Because the building is already income-generating, investors could continue collecting rental returns while planning redevelopment.

Limited supply of new strata retail units in Bukit Timah area

According to EdgeProp Singapore, the property sits within prime District 10, near good class bungalow enclaves, landed homes and condominiums.

It is also close to the Botanic Gardens MRT interchange and within 1km of schools such as Nanyang Primary School and Raffles Girls’ Primary School.

Shaun Poh, executive director of capital markets at Cushman & Wakefield, told EdgeProp Singapore that the lack of new retail developments in the area adds to the site’s appeal.

He added that comparable freehold strata retail developments nearby have transacted at significantly higher prices.

“Transactions in older freehold strata developments, such as Coronation Shopping Plaza and Holland Road Shopping Centre, have consistently transacted at S$4,000 to S$5,000 psf.”

He added that investors could also retain the asset as an income-generating property while land-banking it for future redevelopment.

Sale follows value-enhancing milestones since 2021 acquisition

The site was acquired in 2021 through a collective sale by Hillcrest Investments, an affiliate of Pacific Eagle Real Estate, the Tanoto family’s private real estate investment arm, according to VN Express.

In a statement to The Business Times, a Pacific Eagle Real Estate spokesperson said the company is reviewing options for the asset as part of its broader portfolio strategy.

Tanoto is the founder of Royal Golden Eagle, a Singapore-headquartered group with businesses spanning pulp and paper, palm oil, energy and textiles across several countries.

According to Forbes, he has an estimated net worth of US$4.2 billion (S$5.4 billion).

Top image via Google Maps