Time is ripe for the revival of Jalan Besar Plaza En Bloc Commercial Sale.
Having launched its fourth public tender in June 2018 without success, the property is open for a relaunch, as time has come for both the owners and the developers.
Built in 1980 and having almost lived out its lifespan now, the Jalan Besar Plaza had been a thriving 16-storey building with a wide range of mixed units – 44 residential (Studio to Four Bedroom of sizes 915 sq ft to 1,593 sq ft) and 111 commercial units (151 sq ft to 2,809 sq ft.).
Over time, the building has lost its charm due to ageing but not its site, which boasts of all lifestyle amenities within reach.
Being a freehold site, the owners are quite relaxed about the failed attempts but keep looking for developers to enhance the scope for redevelopment.
The freehold property is up for grab now, with reserve price stay at S$380 Million.
It is strategically located on 101, Kitchener Road in District 8, Kallang, Central Region.
It has quick access to Jalan Besar, Lavender and Farrer Park MRT Stations. Buses linking various routes stop over near the site.
Driving is also quite easy as it is connected through major roads and highways. So, shoppers and office goers find it convenient to commute to Jalan Besar Plaza.
Further, it is crowded by Educational Institutions like Stamford Primary School, Farrer Park Primary School, Hong Wen School, Insworld Institute, Jewelry Design and Management Intl School, Pusat Pendidkan Azhar School, the Laselle College of Arts and the Nanyang Academy of Fine Arts.
The presence of these prestigious institutions makes it a much-adored residential property.
The City Square Mall Shopping Centre is conveniently located within walking distances on the same street.
Mufiz Mart, Sheng Siong and Rowell Minimart are other shopping spots in the vicinity. Ming Chung Restaurant, Petite Menu, Swee Choon Tim Sum Restaurant and Putien Kitchener Rd are some fine dining restaurants to hang around with family and friends.
With all these facilities around, the Plaza is just about five minutes’ drive to the CBD (Central Business District).
The Kallang Riverside Park and the Jalan Besar Sports and Recreation Centre comprising a football stadium and a swimming complex are other recreational spots in the neighbourhood.
Under the URA Master Plan, the site is approved for mixed development – 40% commercial and 60% residential use.
The freehold en bloc site measures 53,042 square feet in land area and it has an existing approved GFA of 16,694 sq m.
It attracts no development charges, as the GPR is 3,388. The owners have fixed the guide price at S$380 million translating the land rate at S$2,115 psf ppr.
The Marketing Agent, Huttons Asia oversaw the business activities on the last two (3rd and 4th) attempts.
They had been quite optimistic about the project as it suits well for residential, commercial and serviced apartments as well.
It is understood that URA is positive over development of serviced apartments in this site, subject to scrutinization of the formal development application.
Therefore, the new buyer is all set to benefit from the property with its good location, readily available amenities and wide options to redevelop.
So, Jalan Besar Plaza waits for a lucky buyer to transform itself thoroughly and add charm & prosperity to the spot once again.