Another collective sale tender has been launched by the owners of the Residential and Retail Complex of the Beauty World Plaza after their first attempt last November.
They peg the reserve price of this collective sale at S$165 million which is typically the same as that of last November.
“In-principle” approval has already been provided by authorities to transform this iconic place into “serviced apartments,” according to Knight Frank Singapore—the country’s one of the leading Real Estate company.
The Beauty World Plaza is strategically located adjacent to the Beauty World MRT Station.
It comprises of 24,817 sq. ft. in an area tagged as a “commercial and residential zone.”
Its redevelopment doesn’t entail any development charge considering that its area is way below the maximum allowable gross floor area requirement of 75,362 sq ft.
Moreover, the price rate of each square foot is equivalent to S$2,189.
The Beauty World Plaza is indeed a good investment because there will be several prospective new developments that would take place in its neighborhood.
“These prospective developments will further up the real estate value of this area,” according to Knight Frank.
These expected new developments entail the establishment of an integrated one-stop facility that includes a community club, a hawker and a market centre.
They also include the development of a community library, a sports hall, and an elderly facility.
Furthermore, the government will soon build an integrated transport centre in the area, transforming it a veritable transportation hub.
Knight Frank Singapore’s Ian Loh (Head of Investment and Capital Markets) states that with the great innovations and developments within the area, prospective investors should be bullish about investing in the said area.
Moreover, they should be upbeat about the developmental prospects within the area.
Launched in 2019, some commercial properties have found buyers.
These buildings include the Realty Centre located in Tanjong Pagar for S$148 million that Place Holdings bought for S$148 million and the Selegie Centre located along Selegie Road bought by Peak Tower Corp for S$120 million.
On July 17, this collective sale tender for Beauty World Plaza will close!