First of all, the Urban Redevelopment Authority or URA has provided, in its outline application, 2 development parameters for the 101 Beach Road prime site and both the options are in accordance with the Master Plan 2019.
The developer has the 1st option to convert the beach road property into a commercial zone with a GPR of 4.2 and (GFA) gross floor area of 31,596 square feet or 2935.38 square meters.
If the buyer chose this full commercial option, then according to the reserve price set by the owners, the land rate arrives at S$2,848 psf ppr with no payable development charge.
The 2nd option for the developer is to build a mixed-use (residential cum commercial) development with its existing 5.03 GPR.
If the mixed-use option is chosen then the land rate works out to be S$2,394 psf ppr, said Cushman and Wakefield. They added that this is subject to a successful rezoning.
There is a height restriction of 6 storeys for both options in this site.
Cushman and Wakefield’s capital markets director, Christina Sim said that there is a demand of prime asset in this area by the investors which seen several big commercial sales during last year 2019 such as Bugis Junction Towers and Hotel Andaz
She positively believes that when all residential and commercial projects are completed, the whole vicinity will become a vibrant work-live-play hub.
Properties prices around the area will be up too.
The public tender for 101 Beach Road will close on July 22 at 3 pm.