Beauty World Plaza, retail cum residential building has been put on sale by its owners. Knight Frank Singapore, the marketing agents for the sale announced that the redevelopment site’s tender has been launched for S$165 million reserve price.
The tender for the site shall close on 30th of January, 2019 at 3:00 PM.
Located in Upper Bukit Timah neighbourhood the 2,305.6 sqm estate has 30 residential units along with 61 retail stores in one single block.
As per URA (Urban Redevelopment Authority) Master Plan 2014 it has been categorised for commercial and residential usage and has GPA standing at 3.0.
There is no development charge for this site and going by the reserve price the land rate shall translate into S$2,189 psf ppr with a maximum GFA of 7,001.38 sq m.
Knight Frank also added that outline application has already been submitted with the URA for change of land use from residential units into serviced apartments.
The site is located advantageously adjacent to Beauty World MRT station. There is also a wet market about 300 meters from the property along with several eateries in the vicinity.
It is well connected with major roads including the Bukit Timah, Dunearn and Clementi located nearby apart from the Pan-Island Expressway.
Ian Loh, Head of Investments & Capital Markets, Knight Frank Singapore said that the site is located strategically having all kinds of amenities and transport infrastructure in its vicinity.
Knight Frank Singapore also announced another tender. This is for the 409-419 Upper East Coast Road encompassing 1,251.1 sq m area.
The District 16 landed development has 6 strata terrace homes and as per the 2014 Master Plan has been zoned residential and 3-storey mixed landed.
As far as redevelopment potential is concerned the site can be turned into 6 semi-detached homes if required approval is received from the authorities.
It must be mentioned that 100% consensus has already been achieved from the 6 owners. The owners expect quick sale without the need of approval and sale order from the Strata Titles Board.
They have set S$18 million reserve price and expect to get more for their property which will translate into land rate of S$1,337 psf.
On this property Mr Loh added that the demand for landed homes hasn’t been affected by the cooling measure as they are still scarce.
The upcoming Thomson-East Coast Line only adds to the incentives for the buyers and it is expected to attract great interest in the coming days.
409-419 Upper East Coast’s tender closes on 31st January, 2019 at 3:00 PM