101 Beach Road, a mixed development in district 7 Singapore is up for collective sale with reserve price set at S$90 million.
This was announced by Cushman & Wakefield, a prominent commercial real estate services firm in Singapore.
As on Wednesday 10th of June, the commercial property will be officially up for sale by tender.
The 101 Beach Road enbloc site covers a land area of 7,523 square feet or 698.9 square metres which advantages located at the junction of Liang Seah Street and Beach Road.
The prime site has a 999-year leasehold tenure which effective from Jan 25, 1827.
The 6-storey mixed-use commercial building comprises of residential, office and retail units.
Cushman & Wakefield added that the prime site has an existing gross floor area (GFA) of 3,515.89 sq m which equivalent to a GPR of 5.03.
101 Beach Road is close to upcoming Guoco Midtown, a new exciting mixed-use development and another prestigious project developed by Guocoland.
The en bloc site is also near to Bugis MRT Interchange station which is around 400m away and only require few mins walk.
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.