Beauty World Plaza has again hit the market in a fresh attempt at collective sale after their previous endeavour last November failed.
The owners of this complex which has a residential as well as retail component haven’t tinkered with reserve price and it remains unchanged at S$165 million.
The site is located adjacent to the Beauty World MRT Station and the area is a part of ‘commercial and residential’ zone as per the 2014 Master Plan.
Knight Frank, the marketing agent for the sale told the media that the site has already got approval in-principle for redevelopment on the residential component at this property into serviced apartments.
The site has total area of 24,817 sq ft and maximum allowable gross floor area for this property is 75,362 sq ft. The land rate translates to S$2,189 psf ppr.
Developers won’t have to pay any development charges to utilize the maximum allowable GFA.
According to Knight Frank several developments would be coming up in the vicinity in the next few years as the 2019 Draft Master Plan has already hinted that.
According to the agent, among the things proposed in Master Plan is redevelopment of the market, building a community club, indoor sports hall, a library for the community and hawker centre.
There are also plans for building an integrated transport hub near the Beauty World Plaza and this will be part of the larger rail corridor that is being planned.
Ian Loh, Knight Frank Singapore’s Head of Investment and Capital Markets said that the location will become even more attractive in the future when the transport system and other amenities that are being improved come into existence.
It must be mentioned that commercial properties have found buyers easily and en bloc sales have been successful.
Beauty World Plaza’s tender shall close on 17th of July.